Amillex Daily Market Commentary | US CPI Meets Expectations, Pushing Gold Towards $4,450; Oil Weakens Amid Demand Downgrades

In early Asian trading on Thursday, August 13, 2026, global financial markets continued their mild recovery, with spot gold trading around $4,408/oz. In the previous session, boosted by moderate US July CPI data, gold surged close to the $4,450 mark. As inflation aligned with market expectations, it further weakened the case for a Fed rate hike in September, largely solidifying expectations for a policy pause. Marginal improvements in market rate expectations provided solid macroeconomic support for gold bulls.

By contrast, energy markets faced downward resistance, with WTI crude currently trading near $82.75/barrel. Although cooling inflation improved overall risk appetite, several authoritative forecasting agencies recently issued reports downgrading global energy demand outlooks, capping oil’s upside potential. Looking ahead, markets will focus on the continuity of macroeconomic data and the balance between supply and demand fundamentals. Gold retains bullish momentum under monetary easing expectations, while crude oil faces a consolidation test weighed down by demand constraints.

Asset Performance & Fundamental Analysis

1. US Stock Market

Index Performance

Dow Jones Industrial Average (DJI): Trades at 53,775.39, down slightly by 22.00 points or 0.04%. The index hovered in a narrow range around 53,800 as the market digested high valuation pressures and heavy-cyclical stocks underperformed, resulting in a sideways consolidation pattern.
S&P 500 (SP500): Trades at 7,754.55, up slightly by 1.75 points or 0.02%. The S&P maintained consolidation near record highs around 7,750 amid intense long-short tugs-of-war, with capital shifting toward defensive plays ahead of major policy decisions.
Nasdaq 100 (NQ1!): Trades at 29,857.50, up marginally by 4.25 points or 0.01%. The index remained stuck in a tight range below 30,000, with tech giants showing clear divergence in performance.

Stock Highlights

Tesla (TSLA): Trades at $327.51, dropping 1.59%. Hit by escalating industry competition and pressure on profit margins, short-term profit-taking was evident.
Apple (AAPL): Trades at $302.25, down 0.87%. Oscillating above the key $300 level as mega-cap tech stocks pulled back broadly.
Intel (INTC): Trades at $100.95, surging 3.32% against the trend. Driven by momentum in its foundry business and fundamental recovery expectations, buying interest was remarkably strong.
Amazon (AMZN): Trades at $267.28, falling 1.83%. Dragged down by broader pullbacks across the tech and consumer sectors.
Alphabet/Google (GOOG): Trades at $343.54, down slightly by 0.08%. Showed strong resilience, holding steady at elevated levels.

2. Foreign Exchange Market

US Dollar Index (DXY): Trades at 99.927, down 0.06% on the day. As Fed rate cut expectations continue to be priced in, the dollar index remains under pressure below 100, while safe-haven flows head toward hard assets.
EUR/USD: Trades at 1.15302, rising 0.05%. The Euro stabilized above 1.15; however, sluggish Eurozone economic fundamentals prevented a meaningful breakout despite dollar weakness.
USD/JPY: Trades at 159.316, down 0.07%. Yen depreciation pressure persists, maintaining high-level choppy movement below 160. Active carry trade flows driven by wide US-Japan yield spreads keep markets on alert for BoJ intervention signals.

3. Precious Metals & Commodities

Metalli preziosi

Spot Gold (XAUUSD): Trades at around $4,429.30/oz, gaining $20.78 or 0.47% for the day. De-dollarization trends and geopolitical uncertainty continue to drive gold higher, with strong bullish sentiment pushing prices upward at elevated levels.
Spot Silver (XAGUSD): Trades at $65.972/oz, surging 0.99% on the day. Silver performed exceptionally well, supported by a convergence of safe-haven demand and industrial appeal, displaying a powerful technical bullish structure.

Commodities

Crude Oil (XTIUSD): Trades at $82.37/barrel, down 0.39%. Oil experienced a minor technical pullback after topping $82. Influenced by geopolitical supply risks versus global demand expectations, it remains in high-level consolidation in the short term.

4. Crypto Assets & Macro Dynamics

Bitcoin (BTCUSD): Trades at $63,497, up 0.14%. Bitcoin is consolidating within a range of $63,000–$64,000 as the market awaits clarity on macro liquidity conditions.
Ethereum (ETHUSD): Trades at $1,876.56, down 0.05%. ETH significantly underperformed relative to the broader market and gold, reflecting a temporary capital shift toward traditional hard assets amid risk-off sentiment.

5. Key Events Today