Today, the dollar index weakened, and the euro bounced back, causing gold prices to decline. The market’s reaction reflects subsiding fears of war escalation, though geopolitical tensions will continue to influence precious metals.

German Foreign Minister Annalena Baerbock warned China against supporting Russia's invasion of Ukraine with military equipment at a meeting of EU foreign ministers on Monday. Baerbock said supporters of Russia must understand that the Ukraine war concerns Europe's "core security interests" and for this reason backing Russia "must and will have consequences" for China.