{"id":4901,"date":"2026-05-28T14:13:02","date_gmt":"2026-05-28T04:13:02","guid":{"rendered":"https:\/\/www.amillex.com\/?p=4901"},"modified":"2026-05-28T14:13:35","modified_gmt":"2026-05-28T04:13:35","slug":"amillex-daily-market-commentary-inflation-pressures-gold-below-key-support-as-macro-bull-bear-battle-sends-oil-prices-sharply-lower","status":"publish","type":"post","link":"https:\/\/www.amillex.com\/ja\/2026\/05\/28\/amillex-daily-market-commentary-inflation-pressures-gold-below-key-support-as-macro-bull-bear-battle-sends-oil-prices-sharply-lower\/","title":{"rendered":"\u30a2\u30df\u30ec\u30c3\u30af\u30b9\u30fb\u30c7\u30a4\u30ea\u30fc\u30fb\u30de\u30fc\u30b1\u30c3\u30c8\u30fb\u30b3\u30e1\u30f3\u30bf\u30ea\u30fc\uff5c\u30a4\u30f3\u30d5\u30ec\u5727\u529b\u306b\u3088\u308a\u91d1\u4fa1\u683c\u306f\u4e3b\u8981\u30b5\u30dd\u30fc\u30c8\u30e9\u30a4\u30f3\u3092\u4e0b\u56de\u308b\u4e00\u65b9\u3001\u30de\u30af\u30ed\u7d4c\u6e08\u306e\u5f37\u6c17\u30fb\u5f31\u6c17\u653b\u9632\u306b\u3088\u308a\u539f\u6cb9\u4fa1\u683c\u306f\u6025\u843d"},"content":{"rendered":"<p class=\"has-black-color has-text-color has-link-color wp-elements-830ac7d7d72bd1cf3543c782ef1a6d64 wp-block-paragraph\" style=\"font-size:18px\">On May 28, 2026, global multi-asset markets remained deeply entrenched in correction territory amid tightening policy expectations and a complex macro battle between bullish and bearish forces. During Thursday\u2019s session, spot gold traded near USD 4,459 per ounce, extending the weak momentum seen on Wednesday when prices fell to a two-month low and approached the critical USD 4,400 psychological level. As inflationary pressures continue to rise, market expectations for major central banks to maintain high interest rates or even further tighten monetary policy have intensified significantly, with elevated real yields becoming a sword hanging over bullish positions. Although the market recently disclosed preliminary informal documents related to trade and bilateral memorandum understandings, briefly triggering a decline in geopolitical premiums, subsequent official statements expressing dissatisfaction with the negotiation progress once again cast a shadow over the easing process. Under the dual pressure of tightening fundamentals and policy uncertainty, bullish momentum has steadily retreated, leaving gold facing a critical test of key support levels in the short term.<\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-83af89d9d04e375012fe72efc1972ab1 wp-block-paragraph\" style=\"font-size:18px\">Meanwhile, the energy market also suffered a ruthless wave of profit-taking and sentiment-driven volatility. U.S. crude oil recorded a single-day decline of more than 4% on Wednesday, decisively breaking below the important USD 90 per barrel threshold. Although optimistic headlines regarding \u201cpositive progress\u201d in multilateral negotiations repeatedly surfaced in the market, accelerating the removal of prior supply disruption risk premiums, official rhetoric from both sides has remained highly aggressive, leaving substantial uncertainty surrounding the implementation of any future agreements. This contradictory sentiment \u2014 where \u201cexternal tensions remain unresolved while demand expectations weaken first\u201d \u2014 has led to structural adjustments in bullish capital positioning. Looking ahead, if major officials continue releasing hawkish signals following upcoming fundamental economic data, the broader commodity market may face deeper liquidity pressure, while the actual evolution of supply-demand dynamics will remain the core variable determining whether oil prices can establish a sustainable bottom defense.<\/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 has-medium-font-size wp-elements-41c6dfce5389542033a825be10d2a0bc wp-block-paragraph\"><strong>\u8cc7\u7523\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u3068\u30d5\u30a1\u30f3\u30c0\u30e1\u30f3\u30bf\u30eb\u5206\u6790<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-cec4609f5df4e02d6be3afbf257fc236 wp-block-paragraph\" style=\"font-size:18px\"><strong>1. \u7c73\u56fd\u682a\u5f0f\u5e02\u5834<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-68288ff8ead281a9e7169393a284baa9 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-14c6890608669f917fd9a8060ad33e6e\" style=\"font-size:18px\"><strong>\u30c0\u30a6\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u5de5\u696d\u682a\u5e73\u5747\uff08DJI\uff09<\/strong>: Closed at 50,649.07 points, rising 182.02 points intraday, or 0.36%. After stabilizing above the 50,000-point milestone, the index continued to demonstrate strong cyclical resilience, with capital moderately rotating toward traditional value stocks and defensive heavyweight sectors during the macro policy tug-of-war.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-f2f7dbb7927053059f5410a76ef6f360\" style=\"font-size:18px\"><strong>S&amp;P500\u6307\u6570\uff08SP500\uff09<\/strong>: Closed around 7,470 points (quoted at 7.47K), up 27.75 points intraday, or 0.37%. The index maintained a steady upward consolidation near historical highs as markets gradually absorbed the ongoing battle between inflation expectations and the policy interest rate trajectory, while overall risk appetite remained stable.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-eb6ccde442e3de38fba613cf702f5a7d\" style=\"font-size:18px\"><strong>Nasdaq 100 Futures (NQ1!)<\/strong>: Reported at 29,993.75 points, down 53.50 points intraday, or 0.18%. Technical selling pressure emerged near the critical 30,000-point threshold, while divergence among core technology assets limited further upside breakthroughs for tech-led indices.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-121883e9e6fa348aa31a9178227f0223 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u500b\u5225\u9298\u67c4\u306b\u6ce8\u76ee<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-06ab1a88ab17b83de8e67ed41ae91c5c\" style=\"font-size:18px\"><strong>\u30a4\u30f3\u30c6\u30eb\uff08INTC\uff09<\/strong>: Internal logic within the semiconductor sector underwent correction, placing pressure on key individual names. Intel fell 1.42% intraday to USD 121.77, significantly dragging on Nasdaq performance.<\/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-21aaa71026e7b2ce11db8ebdbe7a7682 wp-block-paragraph\" style=\"font-size:18px\"><strong>2. \u5916\u56fd\u70ba\u66ff\u5e02\u5834<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list has-black-color has-text-color has-link-color wp-elements-501c82f287ef6ebb3a999e1ee5d839f5\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-d8d5ec8d73fc690faf349e3d58a90eb0\" style=\"font-size:18px\"><strong>\u7c73\u30c9\u30eb\u6307\u6570\uff08DXY\uff09<\/strong>: Currently at 99.286, up 0.07% intraday. Although long-term rate cut expectations continue to create pressure, weak internal growth momentum across major overseas economies, combined with safe-haven demand and elevated absolute interest rate differentials, continue to provide the U.S. dollar with phased support above the 99 level.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-76f952315936ae84160cdbb3339fca30\" style=\"font-size:18px\"><strong>\u30e6\u30fc\u30ed\uff0f\u7c73\u30c9\u30eb\uff08EURUSD\uff09<\/strong>: Quoted at 1.16209, down 0.04% intraday. Weak economic growth momentum within the eurozone continued limiting the euro\u2019s rebound potential, while the currency pair maintained a narrow low-level consolidation range near 1.16 as the U.S. dollar remained stable.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-a552bd64e9a0edd41733eaa6b716dc07\" style=\"font-size:18px\"><strong>\u7c73\u30c9\u30eb\uff0f\u5186\uff08USDJPY\uff09<\/strong>: Reported at 159.582, up 0.04% intraday. Depreciation pressure on the Japanese yen has yet to fundamentally ease, with the pair steadily approaching the critical 160 psychological threshold. The significant structural interest rate differential between the United States and Japan remains the core driver of active carry trade positioning, while the marginal effectiveness of verbal intervention continues to diminish.<\/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-d7a0a5da52efebc3631ae7cc882ee51c wp-block-paragraph\" style=\"font-size:18px\"><strong>3. \u8cb4\u91d1\u5c5e\u304a\u3088\u3073\u5546\u54c1<\/strong><\/p>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-1f3a56e3f676e3e736cf6ecb28a64b82 wp-block-paragraph\" style=\"font-size:18px\"><strong>\u8cb4\u91d1\u5c5e<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-0a89fff7d6f155269f3d1f1d245e50ea\" style=\"font-size:18px\"><strong>\u30b9\u30dd\u30c3\u30c8\u30b4\u30fc\u30eb\u30c9\uff08XAUUSD\uff09<\/strong>: Quoted at USD 4,454.80 per ounce, down USD 1.63 intraday, or 0.04%. Gold prices continued consolidating at historically elevated levels. Although slightly pressured by the modest rise in the U.S. Dollar Index during the session, downside risks remain deeply constrained by long-term inflation expectations and systematic geopolitical premium support.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-425ddf13d47371cee7b98d56d4d55796\" style=\"font-size:18px\"><strong>\u30b9\u30dd\u30c3\u30c8\u30b7\u30eb\u30d0\u30fc\uff08XAGUSD\uff09<\/strong>: Quoted at USD 74.7775 per ounce, rising USD 0.13400 intraday, or 0.18%. Silver continued outperforming gold, as the resonance between industrial demand expectations and speculative bullish sentiment allowed it to display higher beta characteristics within the current pricing structure.<\/li>\n<\/ul>\n\n\n\n<p class=\"has-black-color has-text-color has-link-color wp-elements-136e4d0f30e2981cad68fd8b510db29b wp-block-paragraph\" style=\"font-size:18px\"><strong>\u5546\u54c1<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-09d18016f1267b9f24db1f46afb09cd4\" style=\"font-size:18px\"><strong>WTI\u539f\u6cb9\uff08XTIUSD\uff09<\/strong>: Quoted at USD 93.08 per barrel, surging USD 1.05 intraday, or 1.14%. Supported by potential supply-side disruption risks and ongoing pricing of Middle East geopolitical tensions, bullish sentiment in crude oil strengthened significantly. Oil prices successfully stabilized above USD 90, as markets continued repricing the structural premium embedded within global commodity supply chains.<\/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-017f33c6e481caace4a890e108115e0f wp-block-paragraph\" style=\"font-size:18px\"><strong>4. \u6697\u53f7\u8cc7\u7523\u3068\u30de\u30af\u30ed\u7d4c\u6e08\u52d5\u5411<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-d29686803d7f0df5eaa7b0efd389b8ac\" style=\"font-size:18px\"><strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\uff08BTCUSD\uff09<\/strong>: Latest price at USD 74,408, up 0.10% intraday. Following previous periods of intense volatility, BTC has entered a temporary liquidity consolidation phase above the USD 74,000 level, with both bulls and bears remaining relatively cautious amid uncertainty surrounding the macro interest rate trajectory.<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-31af8768ff599d68052d4406910af52d\" style=\"font-size:18px\"><strong>\u30a4\u30fc\u30b5\u30ea\u30a2\u30e0\uff08ETHUSD\uff09<\/strong>: Quoted at USD 2,024.21, rising USD 2.57 intraday, or 0.13%. ETH demonstrated certain resilience around the key USD 2,000 pivot level, although the absence of a trend-level breakout in on-chain beta activity has caused its relative elasticity within digital assets to continue underperforming both beta chains and traditional hard-asset gold.<\/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-2a7bbb4bf79712036cf1e9eca89d9d40 wp-block-paragraph\" style=\"font-size:18px\"><strong>5. \u4eca\u65e5\u6ce8\u76ee\u3059\u3079\u304d\u4e3b\u8981\u30a4\u30d9\u30f3\u30c8<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"has-black-color has-text-color has-link-color wp-elements-9ba8fe8807f4549edbc22bc09fbfa766\" style=\"font-size:18px\">New Zealand Annual Budget Report<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-3f259196abe40d83c9f0494ed208ab57\" style=\"font-size:18px\">\u30b9\u30a4\u30b9\u56fd\u7acb\u9280\u884c\u7dcf\u88c1\u30b7\u30e5\u30ec\u30fc\u30b2\u30eb\u6c0f\u306e\u30b9\u30d4\u30fc\u30c1<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-1a919b6e5deb54bc3781c1c8e6c33666\" style=\"font-size:18px\">U.S. Core PCE Price Index MoM<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-71715e79f5d9be919411f0313c9b95eb\" style=\"font-size:18px\">U.S. Preliminary Quarterly GDP Growth Rate<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-723a214f2310ce29634a7c048d53ed6b\" style=\"font-size:18px\">U.S. Preliminary GDP Price Index QoQ<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-fc90d49e8e0e823dc43c8b246b57fc6f\" style=\"font-size:18px\">\u7c73\u56fd\u306e\u65b0\u898f\u5931\u696d\u4fdd\u967a\u7533\u8acb\u4ef6\u6570<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-77909c646a98b23f89fcba85fdd1c536\" style=\"font-size:18px\">U.S. New Home Sales Annualized<\/li>\n\n\n\n<li class=\"has-black-color has-text-color has-link-color wp-elements-ff7f44b5c5506ce93632a6a5143a14d0\" style=\"font-size:18px\">Bank of Canada Press Conference<\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>On May 28, 2026, global multi-asset markets remained deeply entrenched in correction territory amid tightening policy expectations and a complex macro battle between bullish and bearish forces. During Thursday\u2019s session, spot gold traded near USD 4,459 per ounce, extending the weak momentum seen on Wednesday when prices fell to a two-month low and approached the critical USD 4,400 psychological level. As inflationary pressures continue to rise, market expectations for major central banks to maintain high interest rates or even further tighten monetary policy have intensified significantly, with elevated real yields becoming a sword hanging over bullish positions. Although the market recently disclosed preliminary informal documents related to trade and bilateral [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":4908,"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":"","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-4901","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english-news","entry","has-media"],"_links":{"self":[{"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/posts\/4901","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/comments?post=4901"}],"version-history":[{"count":1,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/posts\/4901\/revisions"}],"predecessor-version":[{"id":4909,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/posts\/4901\/revisions\/4909"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/media\/4908"}],"wp:attachment":[{"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/media?parent=4901"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/categories?post=4901"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.amillex.com\/ja\/wp-json\/wp\/v2\/tags?post=4901"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}