On Friday, September 18, 2026, during early Asian trading hours, spot gold stabilized around $4,346/oz, staging a short-term rebound. Market sentiment found initial relief following the Federal Reserve’s latest interest rate hike. Meanwhile, US WTI crude oil gapped down by over 4% at the open, dropping near $96.50/barrel. The retreat in crude prices eased inflation expectations, which, combined with the US Dollar Index pulling back from multi-year highs, provided strong support for gold prices. However, as the Fed kept the door open for further policy tightening, short-term bullish momentum remained cautious, leaving upside resistance intact.
Looking ahead, geopolitical dynamics and the crude oil supply outlook in the Gulf region will serve as key macroeconomic drivers. Markets are keeping a close eye on Trump’s upcoming meeting with Gulf leaders next week. If reports of Saudi Arabia boosting oil output to relieve global energy shortages are confirmed, downward pressure on oil prices could spill over into inflation expectations, fostering a softer macro environment for gold. Conversely, should the meeting fail to deliver concrete signals of production increases, safe-haven demand and inflation fears may resurface, prompting gold to test key overhead resistance levels once again.
Multi-Asset Market & Fundamental Analysis
1. 米国株式市場
インデックスパフォーマンス
・ダウ・ジョーンズ工業平均株価（DJI）： At 51,783.17, up 316.03 points (+0.61%). Outperformed the broader market as capital shifted toward heavy-value stocks and traditional cyclical sectors, signaling investor preference for assets with resilient cash flows amid macro uncertainties.
• S&P 500指数（SP500）： At 7,643.10, slightly up 0.75 points (+0.01%). Entered narrow sideways consolidation above major key levels, with sector divergence dampening overall index movement.
• ナスダック100指数（NQ1!）： At 29,694.25, down 48.75 points (-0.16%). Divergence emerged within tech megacaps, with higher-valuation sectors experiencing profit-taking during this rate path policy observation window.
個別銘柄の注目ポイント
• インテル（INTC）： At $108.80, up significantly by 7.67%. Led tech gains as capital showed robust buying interest on expectations of chip supply chain restructuring and hardware infrastructure expansion.
・テスラ（TSLA）： At $366.20, up 2.27%.
• アマゾン（AMZN）： At $251.19, up 2.13%.
・アップル（AAPL）： At $337.00, up 1.38%. Mega-cap tech leaders generally sustained high-level support.
・アルファベット（GOOGL）： At $347.33, up 1.30%.
2. 外国為替市場
・米ドル指数（DXY）： At 100.233, flat on the day (-0.00%). The dollar traded sideways as markets sought direction between a hawkishly neutral Fed policy stance and ongoing liquidity rebalancing; the 100 handle continues to offer solid technical support.
• 米ドル/円: At 156.218, up 0.17%. With the US-Japan yield differential staying near historical highs, carry trade momentum remained intact, pushing the pair closer to 157 as the marginal impact of BOJ verbal intervention waned.
• EUR/USD: At 1.14789, up marginally by 0.04%. Subdued eurozone economic growth capped upside momentum, keeping the pair hovering beneath the 1.15 mark.
3. 貴金属・コモディティ
貴金属
・現物金（XAUUSD）： At approximately $4,355.25/oz, up $13.41 (+0.31%) on the day. Geopolitical tail risks and policy uncertainties continued to reinforce gold’s inflation-hedge and safe-haven appeal, maintaining strong consolidation within its elevated trend channel.
・現物銀（XAGUSD）： At approximately $65.60/oz, up 0.58%. Driven by industrial demand expectations alongside safe-haven capital inflows, outperforming gold.
商品
• WTI原油（XTIUSD）： At $100.90/barrel, down 0.36 points (-0.36%). Despite short-term profit-taking, prices held firmly above the $100 psychological barrier, as geopolitical risk premiums and supply-side tightness maintained high energy valuations.
4. 暗号資産とマクロダイナミクス
• ビットコイン（BTCUSD）： At around $76,316, down slightly by 0.05%. Consolidated after a failed breakout toward previous highs, with market liquidity leaning toward traditional safe-haven assets.
・イーサリアム（ETHUSD）： At around $2,438.88, down 0.27%. Continued to underperform traditional hard assets and US equities, reflecting tightening risk appetite for high-beta digital assets under tighter macro liquidity conditions.
5. 本日の主な出来事
• Speech by RBA Governor Michele Bullock
• Bank of Japan Policy Rate Decision
• Bank of Japan Monetary Policy Statement
• Bank of Japan Press Conference
• UK Retail Sales MoM
• Speech by ECB President Christine Lagarde
