US dollar fell, gold neared record highs, driven by Fed rate cut bets.

On Monday, due to the market's growing bet on the Fed's interest rate cut and concerns about its independence, the US dollar index came under pressure and fell, ultimately closing down 0.17% at 97.68. Spot gold prices surged to a more than four month high on Monday (September 1), just a stone's throw away from the historical high of $3500, and ultimately closed at $3476.08 per ounce. This upward trend not only reflects investors' strong expectations for the Federal Reserve's interest rate cut this month, but is also driven by multiple factors such as the weakening of the US dollar, changes in trade policies, and global political risks. At the same time, spot silver also performed well, reaching its highest level since September 2011. The simultaneous rise of these two precious metals indicates a strong return of safe haven assets in the current market environment. As the situation between Russia and Ukraine tightens again, traders are closely monitoring Russia's energy supply and international crude oil prices are rising. WTI crude oil reached the $65 mark in late trading and ultimately closed up 2.24% at $65.08 per barrel; Brent crude oil ultimately closed up 1.04% at $68.03 per barrel.