Lower borrowing costs typically weaken the US Dollar (USD) and Treasury yields, reducing the opportunity cost of holding Gold. Fed Chair Jerome Powell cautioned that “two-sided risks mean that there is no risk-free path” for monetary policy. Powell added that policy remains “modestly restrictive,” which he said leaves the Fed well positioned to respond to evolving economic conditions. Fed funds futures at Monday’s settlement priced in 43 bps of cuts by year-end, compared with 45 bps on Friday. Unless Gold slips back below $3,700, the path of least resistance stays higher, leaving room for further all-time highs in the near term.