Gold Slips Below $4,000 | Oil Tumbles | Bitcoin Falls Under $60K | U.S. Dollar Hits New High

Market Overview

Global markets on Wednesday were once again dominated by a stronger U.S. dollar, sending commodities and cryptocurrencies broadly lower. The U.S. Dollar Index (DXY) climbed to a fresh one year high for the second consecutive session, while the Japanese yen weakened toward a two year low and the offshore Chinese yuan approached 6.82 per dollar intraday.

The stronger dollar continued to pressure precious metals. Spot gold fell 2.86% to $3,999 per ounce, slipping below the key $4,000 level. Spot silver plunged 6.72% to $57.45 per ounce, while COMEX copper extended its losing streak to a fifth straight session.

Crude oil also came under heavy selling pressure. WTI crude declined 3.92% to $70.34 per barrel, while Brent crude dropped 4.33%. The decline followed renewed comments from President Trump calling for faster declines in oil prices, alongside a U.S. decision to grant a 60 day sanctions waiver for Iranian oil exports.

Cryptocurrencies were not spared. Bitcoin briefly fell below $60,000, marking its lowest level since October 2024.

Technology shares, however, bucked the broader weakness. China's ChiNext Index gained 1.41%, the STAR 50 Index surged nearly 4%, and the Hang Seng Tech Index advanced almost 2%.

Micron Technology also delivered a standout earnings report, with quarterly revenue more than tripling and significantly exceeding market expectations. CEO Sanjay Mehrotra said memory chips have become a strategic asset in the AI era, adding that visibility into AI driven demand now extends through 2028.

U.S. equities finished mixed. The Nasdaq Composite fell 0.43%, the S&P 500 slipped 0.10%, while the Dow Jones Industrial Average gained 0.35%.

Market OutlookInflation Data and the U.S. Dollar in Focus

Markets are awaiting the release of the final Q1 U.S. GDP, May Core PCE Price Index, and other key economic data later today. These inflation indicators are expected to play a crucial role in shaping Federal Reserve rate cut expectations and determining whether the U.S. dollar can extend its recent rally.

AI Memory Supercycle Gains Momentum

Momentum across the memory chip industry continues to strengthen. Following Micron's stronger than expected earnings, SK Hynix is moving forward with U.S. financing plans, while Samsung Electronics is expanding HBM4 production capacity. With AI demand visibility now extending into 2028, investors are likely to remain focused on opportunities across the semiconductor supply chain.

Key Events to Watch

• Final U.S. Q1 Real GDP

• U.S. May Core PCE Price Index

• Initial Jobless Claims (Weekly)

• U.S. May Durable Goods Orders

• Speeches from Federal Reserve officials John Williams and Austan Goolsbee