Most U.S.-listed Chinese stocks fell in pre-market trading, European stocks opened higher, and gold prices surpassed 3755 to hit another record high.

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After U.S. stocks hit new highs driven by tech stocks, the market's upward momentum continues, while gold extends its record-setting rally, with prices breaking through $3,750 per ounce and on track for the best monthly performance since March.

On Tuesday, the 23rd, before the U.S. market opened, most Chinese concept stocks declined, with Baidu down nearly 3%, Bilibili down nearly 3%, JD.com down more than 2%, and NIO down more than 1%. European stocks rose by 0.3%. The yield on the 10-year U.S. Treasury slipped 1 basis point to 4.14%, while the dollar edged higher.

With earnings season approaching, investors are focusing on Federal Reserve Chairman Powell’s speech scheduled for Tuesday, seeking the latest signals regarding the future policy path.

Before the U.S. market opened, most Chinese concept stocks fell; Baidu down nearly 3%, Bilibili down nearly 3%, JD.com down more than 2%, NIO down more than 1%.The Euro Stoxx 50 index opened up 0.3%, Germany’s DAX up 0.45%, UK’s FTSE 100 up 0.2%, France's CAC 40 up 0.5%.South Korea’s KOSPI closed up 0.5% at 3,486.19 points.The U.S. Dollar Index edged up to 97.39.The Euro was little changed at $1.1797.The Indian rupee broke below the previous low of 88.4563 against the dollar, hitting a record low.The 10-year U.S. Treasury yield fell 1 basis point to 4.14%.Germany's 10-year bund yield was little changed at 2.75%.Brent crude fell 0.4% to $66.33 per barrel.Spot gold rose 0.2% to $3,755.85 per ounce.

Gold Price Continues to Hit Record Highs

The core driving force supporting the sustained strength in gold prices comes from market expectations of a swift U.S. rate cut, as well as the appeal of gold as a safe haven asset under specific political pressure.

Investors are betting on gold's momentum, partly due to pressure from the Trump administration on the Federal Reserve and the inflation risks that such pressure could bring. In this context, gold's safe-haven attributes are strengthened, attracting large capital inflows.

Spot gold rose 0.2% to $3,755.85 per ounce.

The current cross-asset landscape is defined by a kind of duality: On one side, market sentiment is driven by tech stocks represented by artificial intelligence; on the other, it is defined by scrutiny of the Federal Reserve’s independence in policymaking.

"The tech-driven sentiment is reflected in Nvidia's huge impact on the AI field, while scrutiny of the Fed's independence is equally crucial," Pepperstone research strategist Ahmad Assiri wrote in a report. He believes that in this landscape, "the stock market continues to have a positive bias, the dollar finds it hard to gain upward traction, and gold has firmly consolidated its position as the market's most eye-catching 'ballast'.

The U.S. Dollar Index edged up to 97.38.

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