{"id":3817,"date":"2026-02-04T15:37:33","date_gmt":"2026-02-04T04:37:33","guid":{"rendered":"https:\/\/www.amillex.com\/?p=3817"},"modified":"2026-02-04T15:37:35","modified_gmt":"2026-02-04T04:37:35","slug":"amillex-daily-market-commentary-political-uncertainty-fuels-gold-rebound-above-4900","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/it\/2026\/02\/04\/amillex-daily-market-commentary-political-uncertainty-fuels-gold-rebound-above-4900\/","title":{"rendered":"Amillex\u00a0Daily Market Commentary |\u00a0Political Uncertainty Fuels Gold Rebound Above 4,900\u00a0"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-1 wp-block-paragraph\" style=\"font-size:18px\">On February 4, 2026, global financial markets were once again thrown into sharp volatility following a heavyweight nomination by the Trump administration. With the nomination of the more \u201chawkish-leaning\u201d Kevin Warsh to succeed the soon-to-depart Jerome Powell, market confidence in the future policy path of the Federal Reserve has been shaken.&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-2 wp-block-paragraph\" style=\"font-size:18px\">Despite the U.S. January Manufacturing PMI rebounding to&nbsp;52.6, the highest level in&nbsp;nearly three&nbsp;and a half years\u2014highlighting the resilience and expansion of domestic demand\u2014the U.S. Dollar Index paradoxically fell 0.12% to 97.42 on Tuesday, snapping its prior 1.5% rally.&nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-3 wp-block-paragraph\" style=\"font-size:18px\">Driven by this uncertainty, spot gold staged a dramatic comeback on Tuesday, surging more than 6% intraday, marking its largest single-day gain since the 2008&nbsp;financial crisis. During the Asian session, gold prices stabilized near USD 4,974, as solid fundamentals combined powerfully with&nbsp;short-covering&nbsp;triggered by the so-called \u201cWarsh shock.\u201d&nbsp;<\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-text-align-center has-black-color has-text-color has-link-color wp-elements-4 wp-block-paragraph\" style=\"font-size:20px\"><strong>Asset Market Performance and Fundamental Analysis<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-5 wp-block-paragraph\" style=\"font-size:18px\"><strong>1. U.S. Equity Markets<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-6 wp-block-paragraph\" style=\"font-size:18px\"><strong>Index Performance<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-7\" style=\"font-size:18px\"><strong>Dow Jones Industrial Average (DJI):\u00a0<\/strong>Closed at\u00a0<strong>49,240.99<\/strong>, down\u00a0<strong>167.42 points<\/strong>\u00a0or\u00a0<strong>0.34%<\/strong>. As the market hovers just below the psychological\u00a0<strong>50,000-point<\/strong>\u00a0threshold, selling pressure in heavyweight stocks intensified amid growing uncertainty surrounding the Fed chair nomination.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-8\" style=\"font-size:18px\"><strong>S&amp;P 500 Index (SP500):\u00a0<\/strong>Closed at\u00a0<strong>6,918.08<\/strong>, marginally down\u00a0<strong>0.01%<\/strong>. While the index held above the\u00a0<strong>6,900<\/strong>\u00a0level, profit-taking in technology stocks was delicately offset by inflows into defensive sectors.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-9\" style=\"font-size:18px\"><strong>Nasdaq 100 Index (NQ1):\u00a0<\/strong>Closed at\u00a0<strong>25,432.00<\/strong>, down\u00a0<strong>0.08%<\/strong>. Previously crowded positions in AI and semiconductor stocks are facing technical pressure amid a recent wave of deleveraging.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-10 wp-block-paragraph\" style=\"font-size:18px\"><strong>Stock&nbsp;Highlight<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-11\" style=\"font-size:18px\"><strong>Intel (INTC):\u00a0<\/strong>Closed at\u00a0<strong>USD 49.25<\/strong>, up\u00a0<strong>0.90%<\/strong>. Support from the memory segment and recovery-driven fundamentals helped the stock outperform the broader market.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-12 wp-block-paragraph\" style=\"font-size:18px\"><strong>2. Foreign Exchange Market<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-13\" style=\"font-size:18px\"><strong>U.S. Dollar Index (DXY):\u00a0<\/strong>At\u00a0<strong>97.381<\/strong>, down\u00a0<strong>0.23%<\/strong>. Following Kevin Warsh\u2019s nomination as Fed Chair, expectations surrounding his potential \u201cbalance sheet reduction + rate cuts\u201d policy stance have led to a reassessment of dollar liquidity, putting short-term pressure on the greenback.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-14\" style=\"font-size:18px\"><strong>EUR\/USD:\u00a0<\/strong>At\u00a0<strong>1.1814<\/strong>, down\u00a0<strong>0.02%<\/strong>. Despite dollar weakness, subdued inflation expectations in the eurozone capped the upside for the euro.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-15\" style=\"font-size:18px\"><strong>USD\/JPY:\u00a0<\/strong>At\u00a0<strong>155.88<\/strong>, up\u00a0<strong>0.11%<\/strong>. Remarks by Prime Minister Sanae\u00a0Takaichi\u00a0suggesting that a weaker yen benefits exports further reduced market expectations for a near-term rate hike by the Bank of Japan.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-16 wp-block-paragraph\" style=\"font-size:18px\"><strong>3. Precious Metals and Commodities<\/strong>&nbsp;<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-17 wp-block-paragraph\" style=\"font-size:18px\"><strong>Metalli preziosi<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-18\" style=\"font-size:18px\"><strong>Spot Gold (XAUUSD):<\/strong>\u00a0At\u00a0<strong>USD 4,979.33 per ounce<\/strong>, rebounding\u00a0<strong>0.66%<\/strong>\u00a0intraday. After experiencing the largest single-day drop in its recent history, gold is undergoing an oversold rebound, with the\u00a0<strong>USD 5,000<\/strong>\u00a0level\u00a0emerging\u00a0as a key macro psychological defense.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-19\" style=\"font-size:18px\"><strong>Spot Silver (XAGUSD):<\/strong>\u00a0At\u00a0<strong>USD 85.0932 per ounce<\/strong>, down\u00a0<strong>0.27%<\/strong>. Following extreme volatility, silver is\u00a0consolidating\u00a0at elevated technical levels as the tug-of-war between industrial demand and safe-haven demand intensifies.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-20 wp-block-paragraph\" style=\"font-size:18px\"><strong>Commodities<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-21\" style=\"font-size:18px\"><strong>WTI Crude Oil (XTIUSD):<\/strong>\u00a0At\u00a0<strong>USD 63.88 per barrel<\/strong>, down\u00a0<strong>0.09%<\/strong>. As geopolitical risk premiums quickly faded, oil prices retreated below the\u00a0<strong>USD 64<\/strong>\u00a0level in search of a near-term bottom.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-22 wp-block-paragraph\" style=\"font-size:18px\"><strong>4. Digital Assets and Macro Dynamics<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-23\" style=\"font-size:18px\"><strong>Bitcoin (BTCUSD):\u00a0<\/strong>At\u00a0<strong>USD 75,890<\/strong>, rebounding\u00a0<strong>0.30%<\/strong>. After breaking below\u00a0<strong>USD 80,000<\/strong>, speculative assets have shown heightened sensitivity to shifts in dollar liquidity conditions.\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-24\" style=\"font-size:18px\"><strong>Ethereum (ETHUSD):\u00a0<\/strong>At\u00a0<strong>USD 2,243.6<\/strong>, up\u00a0<strong>0.58%<\/strong>. Supported by technical buying, ETH has stabilized near the\u00a0<strong>USD 2,200<\/strong>\u00a0support level, though relative strength indicators suggest it\u00a0remains\u00a0in a weak-following posture.\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-25 wp-block-paragraph\" style=\"font-size:18px\"><strong>5.&nbsp;Today\u2019s Focus<\/strong>&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-26\" style=\"font-size:18px\"><strong>New Zealand:<\/strong>\u00a0Employment Change (QoQ)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-27\" style=\"font-size:18px\"><strong>New Zealand:<\/strong>\u00a0Unemployment Rate\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-28\" style=\"font-size:18px\"><strong>Eurozone:<\/strong>\u00a0Core CPI Flash Estimate (YoY)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-29\" style=\"font-size:18px\"><strong>Eurozone:<\/strong>\u00a0CPI Flash Estimate (YoY)\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-30\" style=\"font-size:18px\"><strong>United States:<\/strong>\u00a0ADP Nonfarm Employment Change\u00a0<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-31\" style=\"font-size:18px\"><strong>United States:<\/strong>\u00a0ISM Services PMI\u00a0<\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>","protected":false},"excerpt":{"rendered":"<p>On February 4, 2026, global financial markets were once again thrown into sharp volatility following a heavyweight nomination by the Trump administration. With the nomination of the more \u201chawkish-leaning\u201d Kevin Warsh to succeed the soon-to-depart Jerome Powell, market confidence in the future policy path of the Federal Reserve has been shaken.&nbsp; Despite the U.S. January [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":3838,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","_glsr_average":0,"_glsr_ranking":0,"_glsr_reviews":0,"ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3817","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/comments?post=3817"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3817\/revisions"}],"predecessor-version":[{"id":3818,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/posts\/3817\/revisions\/3818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/media\/3838"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/media?parent=3817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/categories?post=3817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/it\/wp-json\/wp\/v2\/tags?post=3817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}