Amillex Daily Market Commentary | Policy Uncertainty Returns as a Catalyst, Gold Bulls Restart Rally Toward Three-Week Highs

24 February 2026 – Spot gold traded around USD 5,240 in early Asian session, extending Monday’s strong upward momentum. Market risk-off sentiment surged after the US President, following the Supreme Court’s rejection of his earlier proposal, quickly announced a temporary increase in tariffs to 15%. This sudden policy reversal immediately ignited safe-haven demand.

After recording a 2.5% gain on Monday, spot gold briefly broke above the USD 5,250 level during early trading today, marking its highest level since the sharp sell-off on January 30. Meanwhile, April US gold futures also climbed strongly to USD 5,225.60. Repeated policy flip-flops and renewed tariff drama have become the most direct trigger driving capital aggressively into gold as a safe-haven asset.

The current rally essentially reflects a concentrated release of global uncertainty risks, supported by tightening geopolitical conditions and expectations of declining real interest rates — forming a powerful dual-driver for gold prices.

Asset Performance and Fundamental Overview

1. US Stock Market

Index Performance

Dow Jones Industrial Average (DJI): 48,804.06, down 1.66%
As a core value-stock benchmark, the Dow saw a sharp sell-off, reflecting growing concerns over rising industrial costs and slowing macroeconomic expansion.
S&P 500 (SP500): 6,850.29, up 0.04%
Market sentiment remained highly conflicted, with mixed performance among heavyweight stocks keeping overall gains nearly flat.
Nasdaq 100 (NQ1): 24,798.50, up 0.14%

Stock Focus

Tesla (TSLA): USD 399.83, down 2.91%. The stock fell below the psychological USD 400 level, highlighting valuation pressure on core growth stocks amid tighter liquidity and rising risk aversion.

2. Foreign Exchange Market

US Dollar Index (DXY): 97.875, up 0.18%. The dollar remained firm as markets repriced expectations for Fed tightening, with strong policy support keeping the index stable near the 98 level.
USD/JPY: 155.125, up 0.31%. Ongoing interest-rate differentials continued to pressure the yen, pushing the pair above 155 and raising concerns over spillover depreciation risks for Asian currencies.
EUR/USD: 1.17723, down 0.11%. The euro stayed weak under dollar strength and relatively soft eurozone fundamentals, lacking momentum for a meaningful upside breakout.

3. Precious Metals and Commodities

Precious Metals

Spot Gold (XAUUSD): USD 5,155.24/oz, down 1.37%. Gold pulled back sharply after failing to sustain above USD 5,200, mainly due to dollar strength and short-term profit-taking after safe-haven premiums were stretched.
Spot Silver (XAGUSD): USD 85.51/oz, down 3.03%. Silver saw steeper losses, dragged down by gold weakness and downgraded expectations for future industrial demand.

Commodities

Crude Oil (XTIUSD): USD 66.26/barrel, down 0.24%. Oil prices remained range-bound at low levels. While geopolitical risks provide downside support, slowing global growth expectations continue to cap upside potential.

4. Crypto Assets and Macro Developments

Bitcoin (BTCUSD): USD 64,341, down 0.45%. After failing to push higher, Bitcoin entered a consolidation phase, with cautious capital flows and technical focus on support near USD 64,000.
Ethereum (ETHUSD): USD 1,846.8, down 0.48%. ETH underperformed slightly, reflecting stricter risk pricing on ecosystem tokens amid macro uncertainty.

5. Today’s Focus