Fed rate cuts in non-farm sectors weakened the US dollar, boosting gold towards $3600 per ounce.

Last Friday, non farm payroll data exploded, causing the US dollar index to plummet in the short term and almost erase all of last week's gains, ultimately closing down 0.54% at 97.74. The benchmark 10-year US Treasury yield closed at 4.0770%, and the 2-year US Treasury yield closed at 3.5190%. On Monday morning (September 8th Beijing time) in the Asian market, spot gold traded around $3588 per ounce, with the explosive non farm payroll data strengthening expectations of a Fed rate hike. The probability of a Fed rate cut in September is 100%, with a probability of a 50 basis point cut of 8%, providing support for gold prices. The prospect of further production increase by OPEC+has intensified concerns about oversupply, and international oil prices have fallen for three consecutive days. WTI crude oil maintained a downward trend throughout the day, falling below $62 and ultimately closing down 2.61% at $61.69 per barrel; Brent crude oil ultimately closed down 1.81% at $65.66 per barrel.