Shares on Wall Street surged on Monday after the U.S. Treasury said it will borrow less in the current quarter than what it had estimated back in October.

With the major U.S. indices hitting repeated all-time highs this week, the trend is clearly bullish, and markets remain in the "buy-the-dip" mode, at least for now anyway.

Stock markets are under pressure as investors realise they got it wrong when expecting an aggressive rate-cutting cycle to begin as early as the first quarter of 2024.

Gold started the week in an explosive manner, shooting up to new record highs only to get rejected and close the session sharply lower. The intraday range in gold prices was $115 per ounce yesterday, which amounts to more than 5% of the precious metal’s value.