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Dollar Dives, Gold & Silver Soar on Fed Fears
28 Jan
Summary
- Gold nears $5,200/ounce, silver surges nearly 50% in January.
- US Dollar hits lowest level since February 2022.
- UnitedHealth stock plummets 20%, forecasts first revenue drop in 30 years.
The US Dollar experienced significant weakness, reaching its lowest point since February 2022, a trend President Trump viewed favorably for reducing the trade deficit. This currency depreciation provided strong support for Gold and Silver prices.
Gold was trading near $5,200 per ounce in the spot market. Silver, having already surged by nearly 50% in January, remained above $110 per ounce, with analysts predicting further gains.
On Wall Street, benchmark indices saw mixed performance. The S&P 500 and Nasdaq advanced, driven by tech stocks like Apple and Microsoft ahead of their earnings reports. However, the Dow Jones Industrial Average fell over 400 points.
Leading the Dow's decline was UnitedHealth, whose stock dropped 20% following its quarterly results and forecasts of a revenue decrease for 2026, the first in 30 years. Other insurance companies also saw significant losses.
Market participants awaited the US Federal Reserve's policy decision, alongside major tech earnings from Microsoft, Meta, and Tesla.
