The US Dollar Index is being suppressed above 100.8, and the Fed's higher-for-longer tone hasn't loosened. Today, both non-ferrous metals and precious metals were pushed down together.

$ZIJIN MINING(02899.HK) fell over six percentage points, $CHINAHONGQIAO(01378.HK) fell three to four percentage points. The copper sector directly felt the pressure from the strong dollar. On the gold side, $EFUND GOLD MI ETF(02824.HK) and $Microsectors Gold Miners 3x Leveraged ETN(GDXU.US) both fell several percentage points, while $iShares Silver Tr(SLV.US) dipped slightly.

It's worth noting that gold's safe-haven attribute didn't work today—there were more disturbances in the Middle East, so gold should have seen buying interest. However, the pressure from the dollar and real interest rates was stronger, causing mining companies to give back gains along with the gold price. As long as the dollar doesn't turn around, the rebounds in non-ferrous and gold mining stocks will be fragile.