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Gold is doing something it doesn’t do often, it’s rewriting the history books.
In our blog
What’s Really Behind Gold’s Surge to All-Time Highs?
Bessent says US hasn’t intervened in yen, touts strong dollar
Treasury Secretary Scott Bessent cooled speculation that the US may be considering intervening in the foreign-exchange market to sell the dollar for Japanese yen, and touted the long-standing “strong-dollar policy.”
The US is “absolutely not” intervening in the currency market to strengthen the yen, Bessent said in an interview on CNBC Wednesday. Asked whether the US might take such a step, he said that “we don’t comment other than to say we have a strong dollar policy.”
US Stocks Hold Muted Gains After Fed
US equity indices were slightly higher on Wednesday after the Federal Reserve held its rates unchanged, as largely expected, while markets awaited earnings results from major AI players after the bell.
The S&P and the Dow were marginally higher after the former breached the 7,000 threshold for the first time in history, and strong performances for chip producers lifted the Nasdaq 100 by 0.4%.
The Fed paused its cutting cycle and indicated it sees risks to both rising inflation and unemployment, maintaining market bets of two cuts this year.
SPX Chart
Intel stock jumps as Nvidia and Apple partner with Intel to diversify 2028 chip production. Nvidia and Apple reportedly use Intel’s 14A process and EMIB packaging for specific 2028 chip components to meet U.S. manufacturing mandates.
With a market capitalization of $219.43 billion, Intel operates within the technology sector as a major player in the semiconductors industry. Its current stock price of $43.93 reflects the company’s strong positioning in a highly competitive market.
SPY closed around 6950 and added about 0.4 percent on the day, marking another marginal record high in price terms. For long‑term investors this keeps the primary trend firmly up, with successive higher highs and higher lows intact on the daily chart.
The 20-day, 50-day, and 100-day moving averages are all rising and positioned below price in a bullish setup, showing strong momentum in the short to medium term, while trading above the 200-day average confirms a positive long-term outlook. The S&P 500 is also moving within a rising trend channel, suggesting investors continue to buy at higher levels, and the recent breakout above resistance at 6900 points signals potential for further gains, with that same level now acting as support if the market pulls back.
What was once a $6,000 target for late 2026 has rapidly escalated into talk of $10,000 gold, a sign that market psychology is now doing most of the driving. When numbers start getting thrown around this freely, it usually signals a market entering a more dangerous phase.
Gold is still climbing ahead of the Federal Reserve conference happening in about seven hours, reaching above $5,200 for the first time. Investors continue to buy gold as a safe place for their money because of ongoing uncertainty around U.S. trade policy and pressure on the U.S. dollar.
Gold could move higher depending on the Fed’s message later today and any surprise announcement of a new Fed Chair, both of which may pressure the U.S. dollar and support gold prices.
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