In the Asian morning session, international spot gold prices declined, affected by market risk aversion and exchange rate factors. Over the weekend, the US-Iran negotiations broke down, increasing geopolitical uncertainty, and the US dollar index strengthened significantly, suppressing gold performance.

Because gold is settled and priced in US dollars, a stronger dollar raises investment costs for holders of non-US currencies, weakening gold's attractiveness, and reducing buying interest. As of the Asian morning session, spot gold fell by 1.9%, quoted at $4,656.29 per ounce, with increased short-term volatility.

At the same time, the failure of US-Iran talks impacted the energy market, causing crude oil prices to surge early in the session. Rising oil prices boosted inflation expectations, and market concerns about a rebound in inflation forced central banks to maintain high interest rates or restart rate hikes. As a non-yielding asset, gold's opportunity cost rises with increasing rate hike expectations, weakening its allocation value, and the short-term trend remains under pressure.