February 9, 2026 — After suffering a sharp sell-off of nearly 4% in the previous session, precious metals rebounded swiftly, demonstrating strong repair momentum. During early Asian trading on Monday, spot gold extended Friday’s near 4% rebound, rising as much as 1.7% to a high of USD 5,046.15 per ounce, successfully reclaiming the key psychological level of USD 5,000.
Silver showed an even more aggressive recovery. Following a single-day plunge of 10%, silver surged more than 9% at the close, settling at USD 77.50 per ounce, forming a classic V-shaped rebound.
This rebound was primarily driven by a softer U.S. dollar and a resurgence in risk-off sentiment. The U.S. Dollar Index ended its streak of gains, providing support for gold prices and triggering a return of physical buying from the euro and yen regions. On the geopolitical front, while U.S.–Iran nuclear talks have sent some easing signals, the extended negotiation timeline suggests uncertainty will persist. Amid a highly volatile global environment, gold’s role as a core safe-haven asset has once again been reaffirmed.
Asset Performance and Fundamental Analysis
1. U.S. Equity Markets
Index Performance
- Dow Jones Industrial Average: Closed at 50,115.67, up more than 1,200 points, gaining 2.47%. The index has historically stabilized above the 50,000 milestone, reflecting strong revaluation flows into traditional value blue chips and financials amid expectations of expanded White House executive authority and “reflation.”
- S&P 500 Index: Ended at 6,962.85, up 0.50%. While growth in technology heavyweights slowed, market breadth improved, with capital expenditures offsetting some concerns over tariff-related uncertainty.
- Nasdaq 100 Index (NQ1): Closed at 25,306.00, up 0.57%. The AI infrastructure investment narrative remains intact, supporting continued range-bound upside despite a higher-for-longer interest rate environment.
Stock Spotlight
- Tesla (TSLA): Closed at USD 411.11, surging 3.50%, benefiting from potential policy tailwinds related to autonomous driving and manufacturing incentives.
2. Foreign Exchange Market
- U.S. Dollar Index (DXY): At 97.609, down 0.07%. Although Kevin Warsh’s nomination as Fed Chair prompted markets to price in a more hawkish stance, ongoing de-dollarization trends and the relative attractiveness of non-U.S. assets limited the dollar’s upside.
- EUR/USD: At 1.18248, up 0.09%. The euro traded sideways near the 1.18 level as U.S.–EU tariff tensions temporarily eased and geopolitical pressures moderated, supporting rebound demand.
- USD/JPY: At 157.049, down 0.08%. The yen found technical support around 157, with markets assessing the post-election stance of Japan’s ruling coalition toward monetary policy normalization.
3. Precious Metals and Commodities
Precious Metals
- Spot Gold (XAUUSD): At USD 5,034.15 per ounce, up 1.41%, firmly reclaiming the USD 5,000 psychological threshold. This breakout is not merely driven by rate-cut expectations but represents a collective vote against the credibility of the “old-order credit system,” fueled by persistent geopolitical risks and concerns over a global sovereign debt crisis.
- Spot Silver (XAGUSD): At USD 79.49 per ounce, up 1.98%. Supported by the dual resonance of safe-haven demand and industrial usage, silver continues to outperform gold.
Commodities
- WTI Crude Oil (XTIUSD): At USD 63.03 per barrel, down 0.74%. Prices remain under pressure below the USD 65 resistance level, weighed down by expectations of potential U.S. supply expansion and K-shaped divergence in global manufacturing-driven energy demand.
4. Crypto Assets and Macro Developments
- Bitcoin (BTCUSD): At USD 70,583, up 0.43%. Trading in a narrow range above USD 70,000, as markets price in clearer U.S. regulatory frameworks and the implementation of relevant White House executive orders.
- Ethereum (ETHUSD): At USD 2,090.4, up 0.10%. ETH continues to underperform BTC and other risk assets, reflecting capital’s preference for “safe-haven” characteristics over high-beta exposure.
5. Today’s Focus
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