Amillex Daily Market Commentary | Fed Holds Rates, Gold Slips Below the 5,000 Mark

Global financial markets saw sharp volatility on 19 March 2026 following the latest Federal Reserve decision. Spot gold came under heavy selling pressure on Wednesday, falling nearly 4% during the session and briefly touching a monthly low of USD 4,809 before recovering slightly to trade around USD 4,831.

Although the Fed kept interest rates unchanged as expected, its policy statement came across more hawkish than markets had anticipated. Officials stressed that inflation remains stubborn and signalled there may only be room for one rate cut this year.

Meanwhile, the energy market moved in the opposite direction. US crude oil surged nearly 3% to USD 98.30 per barrel as geopolitical tensions sharply increased concerns over potential supply disruptions, quickly rebuilding the market’s risk premium.

Markets are now caught between tighter monetary policy and rising geopolitical uncertainty. With expectations for a June rate cut fading significantly, gold may remain under short-term pressure, with the USD 4,800 level now seen as a key support zone.

資產表現及基本面概覽

1. 美國股票市場

指數表現

道瓊工業平均指數 closed at 46,225.15, down 766.45 points or 1.63%. The pullback toward the 46,000 support zone reflects continued repricing in heavyweight stocks under a prolonged high-rate environment.
標準普爾500指數 ended at 6,620.95, up 0.09%. Despite broader market weakness, the index showed resilience around the 6,600 area.
納斯達克100指數 finished at 24,616.00, down 0.14%, with technology stocks facing increased volatility under a hawkish Fed outlook.

焦點股票

Tesla, Inc. closed at USD 392.78, down 1.63%. Concerns over tighter liquidity and softer consumer demand pushed the stock lower, with price action testing resistance near the USD 400 psychological level.

2. 外匯市場

美元指數 stood at 100.128. While the Fed maintained rates, much of the hawkish tone had already been priced in by the market.
歐元兌美元 traded at 1.14738, up 0.19%. The euro found technical buying support above 1.14 as dollar momentum eased, though weak European fundamentals continue to cap upside potential.
美元/日元 traded at 159.791, down 0.01%. The yen remains highly volatile below the 160 level, with traders closely watching potential follow-up action from Bank of Japan.

3. 貴金屬和大宗商品

貴金屬

Spot gold (XAU/USD) traded around USD 4,841.86 per ounce, up 0.49%. Safe-haven demand returned despite high interest rates, with inflation hedging and geopolitical premium continuing to dominate price action.
Spot silver (XAG/USD) traded at USD 76.40 per ounce, up 1.34%. Silver showed stronger intraday momentum than gold, breaking through several technical resistance levels.

大宗商品

Crude oil (XTI/USD) traded at USD 99.03 per barrel, down 0.55%. Oil faced resistance near the USD 100 mark as markets balanced geopolitical supply risks against slowing global demand.

4. 加密資產與宏觀發展

比特幣 traded at USD 71,026, down 0.33%. Bitcoin remained range-bound above USD 70,000, with crypto increasingly showing characteristics of a digital safe-haven asset.
以太坊 traded at USD 2,194.3, down 0.40%. Ethereum underperformed Bitcoin slightly, reflecting softer on-chain activity amid tighter liquidity expectations.

5. 今日值得關注的重要事件