Investors await Fed rate cuts, US dollar weakens, and gold hits $3700.

On Monday, traders were preparing for the Federal Reserve's interest rate cut this week and searching for clues for further cuts this year. The US dollar index continued to decline throughout the day, ultimately closing down 0.28% at 97.34. The benchmark 10-year US Treasury yield closed at 4.0440%, and the 2-year US Treasury yield closed at 3.5450%. On Monday, spot gold prices closed strongly at $3678.73 per ounce, an increase of about 1%, and reached a staggering record high of $3685.47 during trading. The weakness of the US dollar index, the continuous decline in US bond yields, and investors' high expectations for the Federal Reserve's policy meeting this week are all working together to push gold prices upwards. Especially, as the two-day meeting of the Federal Reserve kicks off on Tuesday, the market generally expects this to be the first interest rate cut since December last year, and the rise of gold seems to have just begun. Due to Ukraine's increased crackdown on Russia's oil infrastructure, oil prices closed higher on Monday. WTI crude oil ultimately closed up 1.09% at $63.27 per barrel; Brent crude oil ultimately closed up 0.91% at $67.48 per barrel.