On September 15, 2026, during the early Asian session on Tuesday, spot gold was trading around USD 4,290 per ounce. Gold fell to a more than one month low on Monday, mainly pressured by the rapid rise in oil prices and stronger than expected US inflation data. US CPI rose 0.4% month on month in August, significantly increasing market expectations for further tightening at the Federal Reserve’s policy meeting this week. A stronger US dollar and higher Treasury yields placed additional pressure on gold. At the same time, Saudi energy facilities and Gulf shipping routes came under successive attacks, while Brent crude briefly rose above USD 108, making energy supply risks an increasingly important factor for global inflation expectations.
Looking ahead, market attention will focus on the Federal Reserve’s policy decision this week and its assessment of inflation and energy prices. If oil prices remain elevated, persistent inflationary pressure could limit the room for a policy shift, leaving gold exposed to pressure from rate expectations and a stronger US dollar in the short term. However, developments in the Middle East and energy supply risks could continue to support safe haven assets, with markets likely to keep balancing inflationary pressure against safe haven demand.
Asset Performance and Fundamental Analysis
1. US Equity Market
Index Performance
· Dow Jones Industrial Average: 52,426.25 points. Down 152.02 points, or 0.29%, on the day. The Dow edged lower from elevated levels as markets reassessed rate expectations and inflation, putting some valuation pressure on traditional blue chip stocks.
· S&P 500: 7,636.30 points. Down 2.60 points, or 0.03%, on the day. The index was broadly flat, with its elevated trading range largely unchanged. While markets remain focused on the rate environment, large companies and technology stocks continue to provide some support.
· Nasdaq 100: 29,479.00 points. Up 326.75 points, or 1.12%, on the day. Technology stocks outperformed traditional blue chips, indicating that capital remains concentrated in large technology and growth assets, while overall risk appetite has not weakened across the board.
Key Stocks
· Tesla (TSLA): USD 358.97. Down USD 6.47, or 1.77%, on the day. The stock underperformed the major indices, highlighting continued divergence within technology and high valuation growth stocks.
· Apple (AAPL): USD 333.08. Up USD 0.81, or 0.24%, on the day, showing relatively stable performance overall.
· Intel (INTC): USD 97.19. Down USD 5.75, or 5.59%, on the day, significantly underperforming the broader market and highlighting pronounced divergence at the individual stock level.
· Amazon (AMZN): USD 253.54. Down USD 3.24, or 1.26%, on the day.
· Google (GOOGL): USD 349.39. Up USD 10.89, or 3.22%, on the day, making it one of the stronger performers among major technology stocks.
2. Foreign Exchange Market
· US Dollar Index (DXY): 99.540. Up 0.074 on the day. The dollar remained near the 99 level and stayed broadly firm. Elevated oil prices have brought inflation expectations back into focus, while uncertainty over the rate path continues to provide some support for the dollar.
· EUR/USD: 1.15439. Down 0.00057, or 0.05%, on the day. The euro edged lower as dollar strength limited its recovery, with markets continuing to monitor differences in US and European rate expectations.
· USD/JPY: 154.654. Up 0.310, or 0.20%, on the day. USD/JPY continued to rise, with the US Japan rate differential remaining an important influence on the exchange rate, while the yen’s weaker trend persisted.
3. Precious Metals and Commodities
Precious Metals
· Spot Gold (XAUUSD): USD 4,294.01 per ounce. Down USD 5.51, or 0.13%, on the day. Gold remained at elevated levels around USD 4,300, with a stronger dollar and changes in rate expectations creating some pressure, while safe haven demand and macroeconomic uncertainty continued to provide support.
· Spot Silver (XAGUSD): USD 63.1245 per ounce. Down USD 0.1225, or 0.19%, on the day. Silver edged lower alongside precious metals overall, with its short term performance remaining cautious amid dollar and rate factors.
Commodities
· WTI Crude Oil (XTIUSD): USD 102.70 per barrel. Up USD 0.77, or 0.76%, on the day. Oil prices remained above USD 100, with elevated energy prices once again becoming an important factor influencing inflation expectations and increasing market attention on the policy paths of major central banks.
4. Crypto Assets and Macro Dynamics
· Bitcoin (BTCUSD): USD 77,940. Down USD 245, or 0.31%, on the day. Bitcoin edged lower as a stronger dollar and changes in liquidity conditions weighed on risk assets, although no clear one way move has emerged overall.
· Ethereum (ETHUSD): USD 2,515.06. Down USD 0.37, or 0.01%, on the day. Ethereum was broadly flat with limited short term volatility, while the broader crypto market remained focused on further clarity around macro policy variables.
5. Today’s Focus
· UK Claimant Count Change
· UK Average Earnings Index 3m/y
