Amillex Daily Market Commentary | Safe-Haven Sentiment Stabilizes, Gold Consolidates at High Levels,

On Friday (February 27, Beijing time), spot gold traded around $5,185 per ounce in early Asian trading. Gold prices remained broadly steady on Thursday as markets adopted a cautious stance ahead of the third round of indirect nuclear talks between the United States and Iran in Geneva, awaiting further signals of geopolitical easing.

U.S. crude oil traded near $65.25 per barrel. Oil prices edged lower after volatility on Thursday, as investors continued to monitor developments in U.S.–Iran negotiations surrounding the nuclear program.

Market Performance and Fundamental Analysis by Asset Class

Equities

U.S. markets closed mixed on Thursday.

The Nasdaq Composite fell 1.18% to 22,878.38, mainly dragged down by weakness in technology stocks after AI leader NVIDIAs earnings failed to fully boost market sentiment.

The S&P 500 declined 0.54% to 6,908.86.

The Dow Jones Industrial Average rose slightly by 0.03% to 49,499.20, supported by cyclical sectors.

The Philadelphia Semiconductor Index plunged 3.2%, potentially ending its 11-week winning streak.

NVIDIA shares dropped 5.5%. Although fourth-quarter earnings beat expectations, slowing revenue growth raised concerns about valuations in the AI sector. Some strategists described the phenomenon as a “post-NVIDIA effect,” with investors adjusting positions while covering previously shorted stocks.

Sector-wise, technology and communication services led declines, while financial stocks showed relative resilience, supported by major banks. The software and services index rose 1.4%, with Salesforce outperforming. Trade Desk fell 4.8% on weak revenue guidance, while J.M. Smucker surged 8.8% after posting better-than-expected quarterly results.

Gold Market

Spot gold was nearly flat on Thursday, closing at $5,168.72 per ounce. The market remains focused on developments in U.S.–Iran nuclear negotiations.

Analysts believe gold is attempting to break the key resistance level at $5,200. A breakthrough in negotiations could trigger a short-term technical pullback. However, from a medium- to long-term perspective, some strategists still expect prices to rise above $5,340.

Iranian officials indicated that if nuclear and non-nuclear issues are handled separately, the probability of reaching a framework agreement would increase.

On the macro front, the U.S. Trade Representative suggested tariffs on certain countries could rise from 10% to 15% or higher. Meanwhile, U.S. initial jobless claims increased slightly last week. Markets continue to expect the Federal Reserve may cut rates twice this year.

Other precious metals:

• Silver fell 2.5% to $87.14

• Platinum declined 2.2% to $2,236.37

• Palladium dropped 1.9% to $1,761.05

Oil Market

International oil prices ended lower on Thursday after volatility.

• Brent crude fell 0.14% to $70.75 per barrel

• WTI crude declined 0.32% to $65.21 per barrel

Earlier in the session, oil prices rose more than $1 amid concerns after the U.S. insisted on a “zero uranium enrichment” demand in negotiations. However, prices gave back gains after both sides agreed to extend talks into next week, easing near-term military conflict risks.

Oman‘s foreign minister described the talks as having made significant progress, while Iran’s foreign minister called the discussions the most serious to date. Market participants noted that the recent oil pullback primarily reflects fading geopolitical risk premiums.

Foreign Exchange

The Japanese yen rebounded on Thursday, rising 0.12% against the U.S. dollar to 156.15.

Bank of Japan Governor Kazuo Ueda stated that whether rate hikes occur in March or April will depend on incoming economic data. If growth and inflation progress align with expectations, further rate hikes would proceed.

The U.S. Dollar Index rose 0.18% to 97.79, while the euro slipped slightly to 1.1796 against the dollar. Tighter U.S. tariff policies and expectations that the Federal Reserve may hold rates steady before June supported the dollar.

The British pound fell 0.52% to 1.3486, as investors monitored developments in UK local elections.

TD Securities analysts noted that the dollar may still face downside risks in the coming quarters. European Central Bank President Christine Lagarde stated inflation is expected to stabilize near the 2% target, and the ECB has reduced its dollar asset allocation since early last year.