Recently, Morgane Delledonne, Director of European Investment Strategy at Global X ETFs, stated that the current rise in gold and silver is somewhat unusual. Typically, when expectations for lower borrowing costs decrease, non-yield assets such as gold and silver become more attractive. However, the timing of the recent rise in gold and silver coincides with increased uncertainty in the future path of the Federal Funds rate and the strengthening US dollar, indicating that this rise may be driven by factors other than expected interest rates. If this trend continues and aligns with the decline in 10-year Treasury yields since late February, the current rise in precious metals may signal a shift in investor sentiment towards risk aversion. However, according to data released last week, despite weak manufacturing activity in the US and higher than expected jobless claims, which reinforced the dovish stance of the Federal Reserve, the prospect of a rate cut quickly changed. Furthermore, since last Friday, the overall rate cut expectations for the year decreased from 91 basis points to 85 basis points, while the market's probability of a first rate cut in June dropped from 68% last Friday to 60% this Tuesday. With the Fed's Bank Term Funding Program (BTFP) ending on March 11, potentially posing a challenge to the US banking industry, and the rapid contraction of the Fed's reverse repo tools, the market may increasingly focus on financial market stability in the US, triggering risk aversion. At the same time, geopolitical risks remain high, with the risk of a direct conflict between Saudi Arabia and Russia increasing, which could also trigger risk-averse behavior.