On Monday, August 10, 2026, during the early Asian session, the global commodities market exhibited a mild upward trend, driven by macro policies and geopolitical developments. Spot gold traded around $4,346/oz, primarily influenced by the surprisingly weak US July non-farm payrolls (NFP) report. The softer-than-expected labor market data effectively suppressed market expectations for Fed rate hikes, pressuring the US dollar index lower and providing solid downside support for gold. Although profit-taking near record highs led to minor consolidations, the bullish structure for gold remains robust, bolstered by expectations of a pivot in monetary policy and safe-haven flows.

Concurrently, the risk premium in the crude oil market spiked again, with WTI crude edging higher to trade near $78.73/barrel. On the news front, the deadlock in the Middle East situation and stalled diplomatic negotiations—coupled with specific preconditions required to reopen the Strait of Hormuz—have directly heightened supply-side concerns. Looking ahead, if diplomatic efforts in the Middle East remain fruitless, supply risks will continue to support range-bound strength in oil prices. Meanwhile, the gold market will closely monitor upcoming US inflation data to validate further evolution of policy pivot expectations.

Asset Class Performance & Fundamental Analysis

1. US Equity Market

• Index Performance
  • Dow Jones Industrial Average (DJI): At 54,042.39, up 152.00 points (+0.28%). Supported by cyclical sectors and blue-chip heavyweights, the Dow maintained a steady upward trend with strong buying interest near the 54,000 mark.
  • S&P 500 Index (SP500): At 7,757.27, down 3.06 points (-0.04%). The index traded in a narrow range near historical highs around 7,750 amid light volume, as market participants await key US inflation data later this week.
  • Nasdaq 100 Futures (NQ1!): At 29,881.00, up 46.25 points (+0.16%). Tech stocks diverged, with the index building momentum to establish support ahead of the 30,000 psychological barrier.
• Individual Stock Highlights
  • Tesla (TSLA): At $328.58, jumping 2.83%. As a market leader, it saw significant capital inflows, forming a technical breakout at high levels.
  • Intel (INTC): At $101.65, rising 1.84%. Value recovery in the semiconductor sector continued, with the stock steadily holding above the $100 psychological resistance level.
  • Alphabet / Google (GOOG): At $354.30, falling 0.96%. Constrained by short-term profit-taking, the stock underwent a minor technical pullback from recent highs.
  • Apple (AAPL) & Amazon (AMZN): At $313.33 (+0.29%) and $274.48 (+0.82%), respectively. Both traded steadily, providing liquidity support to the broad market during sideways consolidation.

2. Foreign Exchange Market

• US Dollar Index (DXY): At 99.643, up 0.04%. The dollar index fluctuated tightly between 99.50 and 100.00. Uncertainty surrounding the Fed’s interest rate trajectory kept market activity cautious, compressing overall volatility.
• EUR/USD: At 1.15555, down 0.03%. The euro hovered near 1.1550 as ECB policy wait-and-see stance combined with weak regional fundamentals, limiting upward momentum.
• USD/JPY: At 157.916, up 0.07%. Yield differential expectations between the US and Japan dominated, pushing the pair toward 158.00. Carry trade demand and a temporary fading of the yen’s safe-haven appeal kept the yen under pressure.

3. Precious Metals & Commodities

• Precious Metals
  • Spot Gold (XAUUSD): At $4,338.97/oz, down 0.07%. Gold consolidated stably within a high channel above $4,300. Despite holding costs in a high interest rate environment, long-term allocation and safe-haven demand provided firm support on dips.
  • Spot Silver (XAGUSD): At $63.74/oz, up 0.28%. Silver slightly outperformed gold, supported by industrial demand expectations and gold-to-silver ratio rebalancing, oscillating at elevated levels between $63 and $64.
• Commodities
  • WTI Crude Oil (XTIUSD): At $79.00/barrel, rebounding strongly by 2.23%. Heightened geopolitical risks and supply uncertainty were priced in again, driving crude oil near the $80 psychological resistance level with expanded risk premiums.

4. Crypto Assets & Macro Dynamics

• Bitcoin (BTCUSD): At $64,980, up 0.19%. Bitcoin formed a narrow base around $65,000. As global macro liquidity undergoes repricing, risk appetite remains cautious, resulting in low-volatility sideways movement.
• Ethereum (ETHUSD): At $1,913.65, up 0.24%. Ethereum rebounded slightly in tandem with the broader market, establishing a consolidation base below $1,900. Correlation between crypto assets and traditional high-risk equities remains high.

5. Events to Watch Today

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