Feb 10, 2026 – Global markets remain shaped by a mix of risk-off sentiment and policy speculation. In early Asian trading, spot gold hovered around $5,050/oz, holding near recent highs. During US hours, the US dollar softened as investors anticipated weaker-than-expected Nonfarm Payrolls and CPI data, giving gold a rebound boost. Markets are now eyeing key US employment data later this week to gauge the likelihood of at least two rate cuts in 2026. Although there are no extreme market shocks, persistent risk premiums are keeping bullish sentiment alive. Gold, after a recent correction from its highs, is attempting to build a new support level above $5,000.
On the fundamentals side, major Asian central banks continue adding to gold reserves, providing long-term support. As of the end of January, gold holdings reached 74.19 million ounces, marking 15 consecutive months of growth—a clear sign of diversified reserve strategies.
Asset Performance and Fundamental Analysis
1. U.S. Equity Markets
Index Performance
- Dow Jones (DJI): 50,135.87, +0.04% – Narrow gains reflect a market re-evaluating blue-chip valuations amid limited new catalysts.
- S&P 500 (SP500): 6,962.52, -0.07% – Trading below 7,000, investors remain cautious.
- Nasdaq 100 (NQ1): 25,339.75, -0.06% – Tech stocks are in a technical correction phase, awaiting clearer macro signals.
Stock Highlight
- Apple (AAPL): 274.62, -1.26% – Heavier-than-average pullback shows defensive repositioning away from major tech holdings.
2. Forex Exchange Market
- Dollar Index (DXY): 96.869, -0.83% – Significant selling as risk-off funds move into non-USD or risk assets.
- USD/JPY: 156.192, +0.21% – Despite a softer dollar, yen failed to rebound.
- EUR/USD: 1.19038, -0.09% – Resistance at 1.19 indicates weak Eurozone fundamentals offsetting the USD decline.
3. Precious Metals & Commodities
Precious Metals
- Gold (XAU/USD): ~$5,050.26, -0.32% – Profit-taking after breaking $5,000 creates a modest pullback.
- Silver (XAG/USD): 82.323, -1.19% – Larger drop than gold, showing speculative funds exit faster under uncertain macro conditions.
Commodities
- Crude Oil (XTI/USD): $64.40/bbl, -0.11% – Minor pullback after recent geopolitical-driven gains.
4. Crypto Assets and Macro Developments
- Bitcoin (BTC/USD): $70,049, -0.06% – Holding above $70k but lacking momentum for a breakout.
- Ethereum (ETH/USD): $2,104.5, +0.03% – Slight divergence from BTC, reflecting rotation within application-focused tokens.
5. Today’s Focus
- US Core Retail Sales (Jan)
- US Retail Sales (Jan)
- US Q4 Employment Cost Index (ECI)
