Amillex Daily Market Commentary | Gold Hits 5,600 in Historic Run While Markets Lock in June Rate Cut

January 29, 2026 — Global financial markets witnessed a historic bout of extreme volatility early today. Spot gold entered full-blown mode, ripping through multiple psychological levels like a runaway train and surging to an intraday high of USD 5,600 per ounce, marking a new all-time extreme in history. Although prices later pulled back on profit-taking and are now repeatedly testing the USD 5,500 handle, the scale and intensity of safe-haven demand—driven by extreme geopolitical uncertaint has reached near-euphoric levels. On the macro front, the Federal Reserve concluded its first policy meeting of the year in the early hours of today, opting to keep the benchmark interest rate unchanged at 3.5%–3.75%, in line with expectations. While the Fed acknowledged a clear improvement in growth prospects and easing risks to inflation and employment, policymakers stressed that inflation remains elevated. Markets reacted calmly, viewing the statement as broadly unchanged in tone. Traders continue to firmly price in June as the most likely window for the first rate cut in the upcoming easing cycle.

Asset Performance & Fundamental Breakdown

1. 米国株式市場

インデックスパフォーマンス

Dow Jones (US30): 49,015.60. The index edged back above the 49,000 mark, with value stocks showing early signs of stabilization after recent declines.
S&P 500 (SPX): 6,970 (intraday high: 7,012). The S&P briefly crossed the 7,000 milestone for the first time intraday, but the move resembled a “stress test” rather than a breakout. Heavyweights weighed on performance, and the index failed to hold above the level at the close, highlighting persistent overhead selling pressure.
Nasdaq Composite (IXIC): 26,130. Strength in semiconductor and memory stocks offset pre-earnings caution, allowing the Nasdaq to maintain resilience above 26,000.

株式スポットライト

テスラ（TSLA）： USD 431.42. Tesla released a headline-grabbing earnings report after the close. Despite recording its first annual revenue decline on record, the company announced the suspension of Model S/X production. This pivot toward physical AI drew mixed reactions, with shares consolidating near the USD 430 support level.

2. Foreign Exchange Markets

米ドル指数（DXY）： 96.334. The dollar index rebounded modestly but remains near multi-year lows. While the Fed held rates steady, it removed language referring to “increasing downside risks to employment,” signaling a more neutral stance.
米ドル/円: 153.05. The pair hovered around the 153 level. As U.S.–Japan rate differentials are expected to narrow—amid Fed pause expectations and potential BoJ tightening—yen short-covering remains active.
ユーロ/米ドル: 1.1978. The pair failed to hold above 1.20. Despite broad dollar weakness offering support, Europe’s lackluster growth momentum triggered a clear technical pullback near the psychological level.

3. Precious Metals and Commodities

貴金属

スポットゴールド（XAUUSD）： USD 5,500/oz. Gold gapped straight through the USD 5,200 resistance zone and surged violently toward 5,500. Beyond the Fed’s pause, escalating U.S. trade threats toward Europe and Canada have forced global capital into a frenzied rush for safe-haven assets.
スポットシルバー（XAGUSD）： USD 117/oz. Silver’s move was even more aggressive, slicing through the USD 112 support level with ease. Driven by both industrial demand and speculative retail flows, USD 120 is now within striking distance.

商品

WTI Crude Oil (XTIUSD): USD 63.67/barrel. Despite neutral global growth expectations, a weaker dollar and renewed Middle East tensions have provided solid support above the USD 63 level.

4. Crypto Assets & Macro Developments

Bitcoin (BTCUSD): USD 88,926. Bitcoin showed strong awareness of the USD 90,000 psychological barrier. Although prices attempted an intraday push higher, momentum faded and the market pulled back toward the 89,000 area.
Ethereum (ETHUSD): USD 3,001. ETH underperformed gold, reflecting the market’s current preference for pure safe-haven assets rather than application-driven tokens.

5. 今日の焦点