Wells Fargo noted that the recent atypical selloff of the U.S. dollar is likely a temporary occurrence. Analysts believe that the current shift away from U.S. assets should only be transitory, as the shift is tactical rather than a fundamental reassessment.

Gold prices fell more than 1% on Monday, as the dollar held firm and hopes for de-escalation in U.S.-China trade tensions dented appetite for safe-haven assets. Spot gold was down 0.9% at $3,289.97 an ounce as of 0843 GMT.