Amillex Daily Market Commentary | Gold Crashes After Record High as Markets Look to Key U.S. Data

January 30, 2026 — Gold markets experienced a dramatic and highly volatile session on Thursday during U.S. trading hours, delivering a textbook “roller-coaster” move. After surging to a fresh all-time high, spot gold was suddenly overwhelmed by heavy sell orders. Prices collapsed by approximately USD 450 within just 30 minutes, briefly plunging to around USD 5,104.

The violent reversal reflected a convergence of factors, including overextended speculative positioning, constraints from Federal Reserve policy, and higher margin requirements that forced rapid position unwinding. While the Federal Reserve maintained its policy rate at 3.5%–3.75%, and Chair Jerome Powell signaled that rate cuts could be considered later this year, investors increasingly recognized that real interest rates remain relatively elevated. As a result, the safe-haven premium priced in near the USD 5,600 level had clearly detached from underlying fundamentals, making a sharp high-level correction unavoidable.

Looking ahead, market focus is shifting toward a series of key U.S. economic indicators, including the trade balance, factory orders, and initial jobless claims. A set of stronger-than-expected readings could support a rebound in the U.S. dollar, while weaker data may still leave room for gold to retest recent highs amid ongoing uncertainty.

資產表現及基本面概覽

1. 美國股票市場

指數表現

Dow Jones Industrial Average (DJI): 49,071, down 92.30 points, or 0.19%. The index continued to trade in a narrow range below the 49,000 level, entering a consolidation phase following recent volatility. Weakness was most evident among heavyweight value stocks.
S&P 500 Index (SP500): 6,958.46, down 68.08 points, or 0.97%. After a strong advance in prior sessions, the index saw a notable pullback. Selling pressure intensified near the 7,000 psychological level, with capital rotating into defensive sectors.
Nasdaq 100 Index (NQ1): 25,968.5, down 234.25 points, or 0.90%.

股票亮點

蘋果公司（AAPL）： USD 258.30, down 0.16%. Against the backdrop of broad weakness in large-cap technology stocks, Apple demonstrated relative resilience, with its share price holding a high-level consolidation above USD 250.

2. 外匯市場

美元指數（DXY）： 96.163, down 0.10%. The dollar remained under pressure. Despite a broadly neutral stance from the Federal Reserve, competition from alternative safe-haven assets continued to weigh on the dollar above the 96 level.
美元/日圓： 153.331, down 0.14%. With expectations for a Bank of Japan rate hike gaining traction, the yen traded with heightened sensitivity around the 153 mark.
歐元兌美元： 1.19450, up 0.07%. The euro hovered just below the 1.20 level. Soft European economic data limited upside momentum, preventing a decisive breakout despite ongoing dollar weakness.

3. 貴金屬和大宗商品

貴金屬

現貨黃金（XAUUSD）： Gold traded around USD 5,440/oz, up USD 35.80 (0.66%) to a new all-time high. During Thursday’s U.S. session, heavy selling briefly pushed prices down USD 450 to a low near USD 5,104/oz.
現貨白銀（XAGUSD）： USD 118.24 per ounce, up 1.12%. Silver posted particularly strong gains, supported by robust bullish sentiment.

大宗商品

Crude Oil (XTIUSD): USD 65.40 per barrel, up 3.81%. Escalating Middle East tensions and potential supply-side disruptions propelled prices decisively above the USD 65 resistance level, strengthening near-term bullish sentiment.

4. 加密資產與宏觀發展

比特幣（BTCUSD）： USD 84,310, down 3.15%. After failing to sustain a move above USD 90,000, Bitcoin experienced a notable technical correction, with short-term profit-taking pressure becoming more pronounced.
以太坊（ETHUSD）： USD 2,810, down 5.35%. Ethereum significantly underperformed both the broader market and gold, underscoring that in a risk-averse environment, traditional hard assets currently command greater investor preference than digital assets.

5. 今日重點