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.

資産パフォーマンスとファンダメンタル概要

1. US Stock Market

インデックスパフォーマンス

ダウ・ジョーンズ工業株平均（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.
ナスダック100（NQ1）： 24,798.50, up 0.14%

株式フォーカス

テスラ（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. 外国為替市場

米ドル指数（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.
米ドル/円: 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.
ユーロ/米ドル: 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. 貴金属および商品

貴金属

スポットゴールド（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.
スポットシルバー（XAGUSD）： USD 85.51/oz, down 3.03%. Silver saw steeper losses, dragged down by gold weakness and downgraded expectations for future industrial demand.

商品

原油（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. 暗号資産とマクロ経済動向

ビットコイン（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.
イーサリアム（ETHUSD）： USD 1,846.8, down 0.48%. ETH underperformed slightly, reflecting stricter risk pricing on ecosystem tokens amid macro uncertainty.

5. 今日の焦点