Amillex Daily Market Commentary | Gold Charges Toward the 5,200 Level as Multiple Tailwinds Ignite Safe-Haven Frenzy

On January 28, 2026, global risk-off sentiment surged once again as multiple crises converged. Spot gold rallied strongly intraday to around USD 5,167 per ounce, and on Tuesday decisively set a new historical high at USD 5,190.20, aiming squarely at the psychological USD 5,200 milestone. Year to date, gold has gained 19.56%, extending last year’s epic bull market. From rising risks of a US government shutdown to renewed volatility in dollar credibility triggered by remarks, combined with sharply escalating geopolitical tensions since last Friday, institutional capital is flowing into precious metals at an unprecedented pace, seeking absolute defense amid macro uncertainty.

On the macro front, market attention is firmly focused on the Federal Reserve’s first policy meeting of the new year. Although the Fed has already delivered a cumulative 75 basis points of rate cuts since the second half of last year, bringing rates down to the 3.5%–3.75% range, stabilizing labor conditions and persistent inflation have led markets to broadly expect a “pause” this week. This places assets at a critical juncture for high-level repricing.

Asset Performance and Fundamental Overview

1. US Equity Markets

Index Performance

Dow Jones Industrial Average: Trading at around 49,003, falling below the 49,400 level, with heavyweight stocks such as UnitedHealth posting sharp declines and dragging on value-oriented blue chips.
S&P 500 Index: Hovering near 6,991, approaching the 7,000 threshold, reflecting the market’s continued search for upside breakthroughs amid volatility, supported by major technology names.
Nasdaq Index: Stands at approximately 26,144 and remains relatively strong, benefiting mainly from pre-earnings short covering in semiconductor stocks and AI heavyweights.

Stock Highlight

Tesla (TSLA): Currently trading near USD 430. At this stage, the stock is driven more by its “Robotaxi” narrative and broader AI vision than by vehicle sales. If after-hours guidance fails to deliver surprises, the USD 430 support level will face a serious test.

2. Foreign Exchange Markets

DXY: Trading around 95.82, showing a clear pullback and slipping below the 96 level. This reflects a market-wide reassessment of the so-called “dollar premium.”
USD/JPY: Trading near 152.56 yen. After a strong rebound earlier, the pair has retreated rapidly from the 154 level back toward the 152 area.
EUR/USD: Trading around 1.2019, successfully reclaiming the key psychological 1.20 level. While Europe’s economic fundamentals have yet to fully improve, narrowing US–EU rate differentials and a technical rebound following prior overselling have strengthened the euro’s short-term momentum.

3. Precious Metals and Commodities

Precious Metals

Spot Gold (XAUUSD): Currently trading at USD 5,161 per ounce, with an intraday high of USD 5,190. As January draws to a close, gold is once again demonstrating remarkable dominance. After breaking above the USD 5,100 level, the market did not see the anticipated profit-taking; instead, prices continue to push toward USD 5,200.
Spot Silver (XAGUSD): Trading at USD 112 per ounce. Silver has not only firmly established USD 100 as a “new normal,” but has also surged directly to USD 112 this week, significantly outperforming gold.

Commodities

WTI crude oil (XTIUSD): Trading at USD 62.55 per barrel. Oil prices have broken free from consolidation around the USD 60 level and have reclaimed ground above USD 62.

4. Crypto Assets & Macro Developments

Bitcoin (BTC): Trading at USD 89,143. After repeatedly building a base above USD 88,000, Bitcoin has regained upside momentum today and is once again attempting to challenge the USD 90,000 mark.
Ethereum (ETH): Trading at USD 3,020. Ethereum has delivered a strong performance, finally reclaiming the USD 3,000 level. With this key psychological barrier cleared, ETH’s technical structure has improved noticeably.

5. Today’s Focus