Fed hawkish signals pressure gold and silver, Gate XAG and XAU contract volumes rank in top three

Strong U.S. September PMI data and hawkish comments from Federal Reserve officials have cooled interest rate cut expectations, causing the U.S. dollar and Treasury yields to surge while gold and silver prices decline. According to CoinGlass, gold (XAU) is down 1.53% to $4,278.29, and silver (XAG) has fallen 4.00% to $64.02. Amid this volatility, Gate has seen significant trading activity, with its silver contract volume reaching $185 million (ranking second) and its gold contract volume hitting $388 million (ranking third).