Most Chinese concept stocks fell before the US stock market opened, European stocks rose at the opening, and gold prices broke through 3755, setting a new historical high

After technology stocks drove the U.S. stock market to a new high, the market's upward momentum continues, while gold extends its record rally, with prices breaking through $3,750 per ounce, poised to achieve its best month since March.

On Tuesday, the 23rd, ahead of the U.S. stock market opening, most Chinese concept stocks fell, with Baidu down nearly 3%, Bilibili down nearly 3%, JD.com down over 2%, and Nio down over 1%. European stock markets rose by 0.3%. The yield on the 10-year U.S. Treasury bond fell by 1 basis point to 4.14%, while the dollar edged higher.

As the earnings season approaches, investors are focusing on the speech by Federal Reserve Chairman Jerome Powell scheduled for Tuesday, seeking the latest signals regarding future policy directions.

• Ahead of the U.S. stock market opening, most Chinese concept stocks fell, with Baidu down nearly 3%, Bilibili down nearly 3%, JD.com down over 2%, and Nio down over 1%.
• The European Stoxx 50 index opened up 0.3%, the German DAX index rose 0.45%, the UK FTSE 100 index rose 0.2%, and the French CAC 40 index rose 0.5%.
• The South Korean Seoul Composite Index closed up 0.5%, at 3,486.19 points.
• The U.S. dollar index edged higher to 97.39.
• The euro was virtually unchanged, at $1.1797.
• The Indian rupee fell below the previous low of 88.4563 against the dollar, hitting a record low.
• The yield on the 10-year U.S. Treasury bond fell by 1 basis point to 4.14%.
• The yield on the 10-year German government bond remained largely unchanged at 2.75%.
• Brent crude oil fell by 0.4% to $66.33 per barrel.
• Spot gold rose by 0.2%, reported at $3,755.85 per ounce.

Gold Prices Continue to Hit Historical Highs

The core driving force supporting the continued strength of gold prices comes from market expectations of a rapid interest rate cut by the U.S. and the appeal of gold as a safe-haven asset under specific political pressures.

Investor bets on gold price momentum partly stem from the pressure the Trump administration has exerted on the Federal Reserve and the inflation risks that such pressure may bring. Against this backdrop, gold's safe-haven attributes have been reinforced, attracting a significant influx of funds.

Spot gold rose by 0.2%, reported at $3,755.85 per ounce.

The current cross-asset landscape is defined by a duality: on one side is the market sentiment driven by technology stocks, represented by artificial intelligence, and on the other side is the policy scrutiny of the Federal Reserve's independence.

"The tech-driven sentiment is reflected in Nvidia's significant role in the field of artificial intelligence, while the policy scrutiny of the Federal Reserve's independence is equally critical," wrote Ahmad Assiri, a research strategist at Pepperstone, in a report. He believes that in this landscape, "the stock market continues to maintain a positive inclination, the dollar struggles to find upward traction, while gold has already solidified its position as the market's most compelling 'ballast'." The US Dollar Index rose slightly to 97.38.