Hawkish Fed outlook lifted the USD, pushing gold below $4200.

On Monday, the hawkish expectation of interest rate cuts by the Federal Reserve pushed the US dollar up, and the US dollar index rose in the late trading session, ultimately closing up 0.13% at 99.11; The benchmark 10-year Treasury yield ultimately closed at 4.1670%, while the 2-year Treasury yield sensitive to the Federal Reserve policy rate closed at 3.5810%. On Monday, gold prices fell slightly, closing at $4190.48 per ounce, a decrease of 0.2%, as the market took a brief respite before the Federal Reserve policy meeting. Investors are holding their breath as they await the latest statement from Federal Reserve Chairman Powell, while geopolitical tensions, fluctuations in the US dollar, and unexpected events such as the earthquake in Japan are quietly affecting the trend of gold. Experts even predict that by the first quarter of 2026, gold prices are expected to reach the milestone of $5000 per ounce. The market is paying attention to India's purchase of Russian crude oil, and the sharp decline in refined oil products has dragged down international oil prices. WTI crude oil ultimately closed down 2.16%, at $58.83 per barrel; Brent crude oil ultimately closed down 2.18% at $62.45 per barrel.