According to CoinMeta, the rise in the US dollar and US Treasury yields is putting pressure on the gold market, which is awaiting the minutes of the Federal Reserve's meeting. On Wednesday, the US dollar and US Treasury yields rose again, putting pressure on gold prices. The US Dollar Index is currently at around 102.30, hovering near its highest level since April 2025. Meanwhile, the yield on 10-year US Treasury bonds has risen to about 5.324%, close to the 5.349% reached on Monday, which is the highest level since 2002. The conflict in the Middle East has pushed up oil prices and increased inflation risks, and combined with rising government debt and fiscal deficits, as well as the resilience of the US economy, all these factors have contributed to higher financing costs. Traders will be closely watching the minutes of the Federal Open Market Committee's meeting for any latest clues as to whether the Fed may further tighten its policies. Since the outbreak of the conflict in the Middle East at the end of February, market expectations of a more hawkish Fed policy have continuously pressured gold prices, which are now more than 25% lower than their historical high of nearly $5,600 in January. However, long-term demand still provides fundamental support for gold.