Tuesday, March 10, 2026 – In the early Asian session, spot gold is trading near $5,130. After surging on Monday, gold prices retreated as a stronger US Dollar and rising interest rate expectations dampened momentum. The crude oil market saw even more dramatic action; WTI crude pulled back sharply after a 30% spike that briefly neared the $120 mark, erasing most of its earlier gains.
This volatility reflects the market pricing in a de-escalation of geopolitical risks. Risk-off sentiment eased abruptly following government hints that the conflict with Iran is “largely over,” alongside discussions of relaxing Russian oil sanctions to curb inflation. The market is currently in a highly sensitive phase. Last week’s soft employment data combined with high energy costs has heightened “stagflation” fears, leaving the Fed caught in a policy dilemma between inflationary pressure and slowing growth. Consequently, gold remains locked in a tug-of-war within the $5,000–$5,200 range. Moving forward, the market’s focus has shifted entirely to this week’s US February CPI and PCE price index releases.
資産パフォーマンスとファンダメンタル分析
1. 米国株式市場
インデックスパフォーマンス
- Dow Jones (DJI): 閉店時間 47,740.80, up 237.50 points (+0.50%). Support held above 47,500, signaling the resilience of traditional industrial sectors amid macro uncertainty.
- S&P 500（SP500）： 閉店時間 6,781.50, down 10.17 points (-0.15%). Profit-taking pressure emerged as the index approached the key 6,800 level.
- Nasdaq 100 (NQ1!): 閉店時間 24,951.50, down 39.92 points (-0.16%). Divergence among tech heavyweights capped the index’s breakthrough potential.
株式フォーカス
- テスラ（TSLA）： 取引場所 $398.68 (+0.49%). Despite broader tech volatility, Tesla continues to battle for position around the $400 psychological level.
2. 外国為替市場
- 米ドル指数（DXY）： 取引場所 98.782 (+0.06%). The greenback remains structurally strong, holding steady above 98.50 as the Fed’s policy path remains resilient.
- 米ドル/円: 取引場所 157.566 (-0.05%). While the Yen saw a slight recovery, it still faces significant depreciation pressure near the 158 handle.
- ユーロ/米ドル: 取引場所 1.16268 (-0.07%). Suppressed by weak growth momentum in the Eurozone and a dominant USD, the Euro remains range-bound near 1.16 without a clear catalyst for a breakout.
3. 貴金属・コモディティ
貴金属
- スポットゴールド（XAUUSD）： Trading at approx. $5,137.26/oz. Following recent extreme volatility, gold has entered a high-level consolidation phase above $5,100 as markets weigh real interest rate expectations against safe-haven demand.
- スポットシルバー（XAGUSD）： 取引場所 $86.86/oz (-0.12%). Volatility has slowed as silver enters a technical correction after its rapid ascent.
商品
- 原油（WTI）： 取引場所 $86.25/bbl (+1.65%). Driven by geopolitical risk premiums and supply disruption pricing, oil reclaimed the $85 resistance level as short-term supply-demand imbalances dominate.
4. 暗号資産とマクロダイナミクス
- ビットコイン（BTCUSD）： 取引場所 $69,184 (+1.07%). This reflects strong institutional appetite at key technical levels despite a shifting macro liquidity environment.
- イーサリアム（ETHUSD）： 取引場所 $2,018.8 (+1.25%). ETH has stabilized above the $2,000 psychological floor, moving in lockstep with broader risk assets.
5. Today’s Watchlist
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