24 March 2026 — Global safe-haven assets went through extreme volatility, with markets staging a dramatic reversal.
On Monday (23 March), panic initially spiked after former US President Trump issued a 48-hour ultimatum targeting Iran’s energy facilities. A stronger US dollar and disrupted inflation expectations triggered heavy selling in gold, with prices plunging over 8.7% intraday, breaking below the $4,100/oz level and approaching the 200-day moving average — marking a four-month low.
However, sentiment shifted after Trump announced a 5-day delay to the strike and hinted at ongoing US-Iran negotiations. Gold rebounded sharply, narrowing losses to 1.8% and closing at $4,407.06/oz.
Market Breakdown & Fundamental Insights
1. US Stock Market
Index Performance
- Dow Jones (DJI): 46,208.47 (+1.38%)
Strong rebound as risk sentiment stabilised slightly. Value stocks gained on capital rotation, showing defensive strength. - S&P 500 (SPX): 6,579.60 (-0.13%)
Faced resistance near the 6,600 level. Still trading sideways at elevated levels amid macro uncertainty. - Nasdaq 100 (NQ): 24,378.75 (-0.12%)
Tech stocks slowed as rate expectations fluctuated, with noticeable divergence within growth sectors.
Stock Focus
- Tesla (TSLA): $380.85 (+3.50%)
Outperformed the market, supported by renewed confidence in its supply chain resilience under current macro conditions.
2. Forex Market
- US Dollar Index (DXY): 99.27 (+0.13%)
Remained firm despite delayed strike, as safe-haven flows continued to support the dollar above the 99 level. - EUR/USD: 1.1595 (-0.14%)
Pressured by a stronger USD and ongoing European geopolitical uncertainty. - USD/JPY: 158.58 (+0.11%)
Yen remains weak due to wide US-Japan rate differentials and active carry trades. Market watching resistance near 159.
3. Precious Metals & Commodities
Precious Metals
- Gold (XAUUSD): $4,405.26 (-0.03%)
Stabilising around the $4,400 level after extreme volatility. Market now in a sentiment recovery phase. - Silver (XAGUSD): $68.71 (-0.59%)
Underperformed gold, suggesting speculative long positions are being unwound as risk premium fades.
Commodities
- WTI Crude Oil (WTI): $90.61 (+1.40%)
Despite short-term volatility from US-Iran developments, supply risks remain, keeping prices supported above $90.
4. Crypto & Macro Trends
- Bitcoin (BTC): $70,733 (-0.21%)
Facing resistance near $71,000 as profit-taking emerges amid shifting risk sentiment. - Ethereum (ETH): $2,141.5 (-0.47%)
Continues to underperform, with capital rotating into safer, more defensive assets.
5. Today’s Focus
- RBNZ Governor Bream speech
- France Manufacturing PMI (March, Flash)
- Germany Manufacturing PMI (March, Flash)
- UK Manufacturing PMI (March, Flash)
- US Manufacturing PMI (March, Flash)
- US Richmond Fed Manufacturing Index (March)
