War hurts growth; dollar at 6-month high; gold holds $4,500.

On Monday, the Middle East conflict continued, while Trump issued a new threat to Iran regarding a ceasefire. Iran has publicly rejected Pakistan's mediation of dialogue with the United States after evaluating its demands. The US dollar index continued its upward trend, hitting a new high of 100.62 since May last year, and ultimately closed up 0.32% at 100.49; After Powell released the dove signal that long-term inflation expectations were still under control, the selling tide of US treasury bond bonds eased, and the yield of US treasury bond bonds fell back, with the benchmark 10-year yield closing at 4.3560%, and the two-year yield sensitive to the policy interest rate of the Federal Reserve fell slightly to 3.8360%. On Tuesday morning (March 31, Beijing time) in the Asian market, spot gold traded around $4502 per ounce. Gold prices rose for the second consecutive trading day on Monday, mainly driven by the continued safe haven demand caused by the Middle East conflict, although the market no longer expects the Federal Reserve to cut interest rates this year. Trump's method of suppressing oil prices through rhetoric has failed, and he has once again threatened to strike Iran's energy infrastructure, causing international oil prices to skyrocket. WTI crude oil closed up 3.72% at $105.29 per barrel, closing above $100 per barrel for the first time since 2022; Brent crude oil ultimately closed up 1.51% at $107.99 per barrel.