Gold prices break above USD 4,400—can the precious metals rally accelerate?

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Bitget UEX Daily Report | Berkshire's intermediary net selling cycle, cash heavily positioned in Google; no sell-off pressure from first unlock, SpaceX (SPCX.US) surges for the second consecutive trading day (August 10, 2026)

I. Key Headlines

Federal Reserve Updates

Nonfarm payroll data came in significantly below expectations, markedly cooling rate hike expectations.

U.S. nonfarm payrolls unexpectedly declined by 23,000 in July, far below the market expectation of an increase of approximately 90,000; the prior month’s figure was revised upward but remains weak. The unemployment rate fell to 4.1%.

Private-sector employment rose by 30,000, but a sharp decline in government employment dragged down the overall figure.

Markets quickly reduced the probability of a September rate hike, and Treasury yields fell noticeably.

Market ImpactWeaker-than-expected employment data reinforces the soft-landing narrative, providing short-term support for risk assets and precious metals while reducing near-term bets on rate hikes.

GoldOil prices surged above USD 4,400 and are now oscillating at elevated levels

Spot gold strengthened further after the release of employment data, approaching and breaking through the USD 4,400 mark.

Crude oilPrices remain elevated, with WTI trading in the USD 78–79 range and Brent in the USD 83–84 range.

Uncertainty persists regarding progress in Hormuz negotiations, but employment data is driving short-term sentiment.

Market ImpactWeak employment data has boosted safe-haven demand and expectations for rate cuts, significantly benefiting gold; oil prices remain highly volatile, supported by geopolitical tensions and supply-demand dynamics.

Berkshire ends net selling cycle, deploying cash aggressively

Berkshire Hathaway reported second-quarter earnings, with operating profit rising 16% year-over-year to USD 12.98 billion; net income doubled compared to the same period last year.

The company ended its streak of 14 consecutive quarters of net stock sales, recording nearly USD 20 billion in net stock purchases in the second quarter, including significantAlphabet(Google's parent company), elevating it into Berkshire’s top five holdings.

Meanwhile, share repurchases accelerated, with approximately $4.5 billion repurchased in Q2, reducing cash reserves to about $365.5 billion.

Market ImpactThe market widely interpreted Berkshire’s shift to net buying as a long-term bullish signal, indicating that new CEO Abel has begun actively deploying the massive cash hoard left by Buffett, boosting market risk appetite.

Spot goldApprox. $4,325 per ounce, -0.38%

Spot SilverApprox. $63.8–63.9 per ounce, -0.23%

WTI Crude OilApprox. $78.88 per barrel, +0.9%

Brent crudeApprox. $80.6 per barrel, +0.78%

US Dollar Index (DXY)Approx. 99.64, +0.04%

Driver AnalysisJuly nonfarm payrolls came in significantly weaker than expected, markedly cooling near-term rate hike expectations and driving gold above $4,400 to a new阶段性 high. Silver followed higher but with slightly less elasticity. Crude oil remained in a high-range consolidation amid uncertainty around the Strait of Hormuz and conflicting signals from employment data. Asset correlations were clear: weak jobs data → rising rate cut expectations → falling real yields → gold benefited, while improved risk appetite supported equities. Near-term commodity volatility will continue to hinge on upcoming labor market data and geopolitical developments.

BTCApprox. $64,900, +0.06%

ETHApprox. $1,914.5, -0.13%

Total cryptocurrency market capitalization: Approximately $2.28 trillion, +0.2%

Market liquidation situation: Total liquidations in the past 24 hours amounted to $170 million, with short positions accounting for $115 million

Bitget BTC/USDTLiquidation Map: Bitcoin is currently trading around $64,956. A significant amount of short liquidations has accumulated near the $65,800–$66,000 range. A breakout above this zone could trigger a strong short squeeze. Downside support faces heavy long liquidation pressure around $64,500; a drop below the $64,500–$64,000 range may trigger cascading long stop-losses. In the short term, market participants should closely monitor liquidity dynamics around the $64,500 and $65,800 levels.

Spot ETF net inflows/outflows: As of last Friday, Bitcoin spot ETFs recorded net inflows for five consecutive days, with single-day net inflows exceeding $100 million

Driver Analysis: Weaker-than-expected nonfarm payroll data boosted risk appetite, helping stabilize the broader crypto market. Bitcoin held above $64,500, while Ethereum remained relatively steady. Continued net inflows into ETFs provided underlying support, and leveraged liquidation volumes remained manageable. On the macro front, softening employment data and rising expectations for rate cuts are favorable for risk assets. In the near term, crypto markets may remain range-bound at elevated levels, with attention turning to subsequent revisions in employment data and commentary from Federal Reserve officials.

Dow Jones Industrial Average: Closed at 54,036.93 points (+0.28%), extending gains

S&P 500: Closed at 7,757.64 points (+0.62%), reaching a new all-time high

Nasdaq: Closed at 26,690.62 points (+1.30%), the strongest performer

NVDA: $223.96 (+2.27%)

AAPL: $313.33 (+0.29%)

MSFT: $499.99 (+0.03%)

GOOGL: $354.30 (-0.96%)

AMZN: $274.48 (+0.82%)

META: $592.10 (+0.37%)

TSLA: $328.58 (+2.83%)

Performance Summary and Driver AnalysisU.S. stocks closed higher across the board on Friday, with the S&P 500 hitting a new record high and the Nasdaq leading gains with a rise of over 1.3%. Weaker-than-expected nonfarm payroll data significantly dampened expectations for rate hikes, boosting risk appetite. NVIDIA and Tesla rose more than 2%, showing strong performance, while Amazon, Apple, and Meta posted modest gains. Alphabet saw a slight pullback. Market focus shifted from earlier concerns about AI-related capital expenditures toward expectations of a soft landing and improved liquidity, broadly benefiting tech stocks.

Semiconductor

Representative stocks: NVIDIA (+2.27%), with related semiconductor stocks generally strengthening

Key drivers: Cooling labor data easing rate hike expectations and improving sentiment around AI hardware.

Technology Growth

Representative stocks: Tesla (+2.83%), with the Nasdaq surging overall

Drivers: Improved risk appetite and capital rotation back into high-beta names.

Defensive and Value

Representative stocks: Sentiment boosted by Berkshire-related developments

Drivers: The company’s aggressive deployment of cash is interpreted as a strong long-term bullish signal.

1. Berkshire Hathaway – Ended net selling cycle, recorded nearly $20 billion in net stock purchases

Event summaryBerkshire Hathaway released its Q2 results, reporting operating earnings up 16% year-over-year to $12.98 billion and net income more than doubling YoY. The company ended a streak of 14 consecutive quarters of net stock sales, making nearly $20 billion in net stock purchases during Q2, including a significant increase in its stake in Alphabet, which now ranks among its top five holdings. It also accelerated share repurchases by approximately $4.5 billion, reducing its cash and equivalents reserves to around $365.5 billion. New CEO Greg Abel has begun materially deploying the massive cash pile left by Buffett.

Market AnalysisThe market broadly interprets this shift as a clear long-term bullish signal. After years of net selling, the move to large-scale net buying suggests management believes current valuations are attractive. Alphabet’s entry into the top five holdings also reflects Berkshire’s recognition of the long-term value of AI infrastructure. As a bellwether for institutional capital flows, this action has significantly lifted overall market risk appetite.

Investment InsightNet buying by top-tier capital allocators carries strong signaling power. Key points to watch going forward include detailed portfolio disclosures, the pace of share buybacks, and consistency in Abel’s capital allocation approach.

2. NVIDIA (NVDA) – Up over 2%, sentiment recovery

Event summaryNVIDIA shares rose 2.27% to $223.96, becoming one of the key drivers behind the semiconductor sector’s strength on Friday. Following weaker-than-expected nonfarm payroll data, market risk appetite improved noticeably, prompting renewed capital inflows into AI hardware leaders.

Market AnalysisEarlier, market concerns over the return timeline of AI capital spending and supply bottlenecks for high-end HBM weighed on the stock price. However, weakening employment data has heightened expectations for rate cuts and improved liquidity, driving capital back into high-certainty leaders in computing power. As a core supplier of AI infrastructure, NVIDIA typically exhibits stronger elasticity during sentiment recovery phases.

Investment InsightThe long-term thesis for AI computing demand remains solid. Near-term performance will continue to be shaped by macro liquidity conditions, capital expenditure guidance from major clients, and the pace of supply chain improvements.

3. Tesla (TSLA) – Up nearly 3%, high-beta rebound

Event summaryTesla shares rose 2.83% to $328.58, making it one of the top gainers among large-cap tech stocks. Following the release of nonfarm payroll data, improved risk appetite led to noticeable capital inflows into high-beta growth stocks.

Market AnalysisTesla combines multiple narratives—electric vehicles, autonomous driving, and humanoid robots (Optimus). As the market shifts from 'risk-off' to 'risk-on,' its high volatility makes it a prime target for rapid capital positioning. Meanwhile, market expectations for the long-term realization of AI and robotics continue to support its valuation premium.

Investment InsightThe stock exhibits high price elasticity but also carries elevated short-term volatility risk. Investors should closely monitor actual delivery figures, progress in autonomous driving, and the commercialization timeline of Optimus to assess how well the long-term narrative is being realized.

4. Alphabet (GOOGL) – Modest pullback

Event summaryAlphabet shares fell 0.96% to $354.30, underperforming most other tech giants. Despite Berkshire Hathaway significantly increasing its stake in Q2—making it a top-five holding—the stock has not seen meaningful short-term gains.

Market AnalysisBerkshire’s stake increase was viewed by the market as strong validation of Alphabet’s long-term investment value. However, near-term capital flows have favored higher-beta hardware and growth names with greater upside elasticity. As a relatively stable large-cap tech stock, Alphabet often lags during periods of rapidly rising risk appetite. The market continues to weigh its AI monetization progress against the resilience of its advertising business.

Investment InsightBerkshire's increased stake reinforces the long-term allocation rationale. In the near term, investors should monitor the commercialization progress of AI products such as Gemini, cloud business growth rates, and the recovery of advertising revenue.

5. Amazon (AMZN) – rose over 0.8%, closing firmly higher

Event summaryAmazon shares rose 0.82% to $274.48, tracking the broader tech sector’s upward trend and delivering a solid performance.

Market AnalysisAmid growing expectations of a soft landing, Amazon continues to gain investor confidence due to AWS’s sustained high growth and the long-term thesis underpinning its AI infrastructure investments. Compared with highly volatile hardware names and high-beta stocks, Amazon better embodies the characteristics of 'earnings realization plus growth certainty,' resulting in relatively stable performance during the early stages of improving risk appetite.

Investment InsightKey focus areas include whether AWS growth can continue to absorb capital expenditures and the resilience of retail and advertising businesses. The alignment between cloud services and AI commercialization remains central to Amazon’s medium- to long-term valuation.

1. According to Xinhua News Agency, citing Iran’s Mehr News Agency, the Iranian parliament’s National Security and Foreign Policy Committee has approved the strategic action plan framework for ensuring the security and development of the Strait of Hormuz.

2、ARKInvest reported that in her latest macro analysis, Cathie Wood stated that Bitcoin is regaining stability relative to gold, and both Bitcoin and stablecoins could emerge as major beneficiaries of the transition toward agent-based commerce. She also believes that deflation—not inflation—poses the greater future risk, particularly for companies that have not adopted AI and productivity tools; oil prices could decline significantly, and current AI-related capital expenditures do not represent a bubble but rather an early-stage technological revolution.

3. Since 2026, more than 100 crypto projects have shut down, filed for bankruptcy, or permanently ceased operations, with the pace of exits accelerating across exchanges, wallets, DeFi lending protocols, NFT marketplaces, and Layer 1 blockchains. The report notes that this industry shakeout resembles the post-dot-com-bubble consolidation; recently, altcoin prices have普遍 fallen 70% to 90%, drastically shrinking token-denominated project treasuries, while tightening funding conditions and rising costs of security breaches are accelerating the exit of projects lacking real revenue and user bases.

4. Yesterday, Michael Saylor posted on X, writing 'Doing ₿usiness,' and attached Strategy’s Bitcoin holdings chart. The chart shows that Strategy’s Bitcoin reserves are valued at approximately $54.66 billion. Based on past patterns, Strategy typically discloses changes in its Bitcoin holdings the day after related announcements.

5. Data: YZY,AVAXTokens including AVAX will face significant unlocks this week, with YZY's unlock valued at approximately USD 35.8 million.

6. Following the initial release of lock-up shares, there was no large-scale sell-off as feared by the market, and SpaceX(SPCX.US) shares rose sharply for the second consecutive trading day, approaching the IPO price of USD 135—the first time nearing a recovery of that key level since dropping below it last month.

This week

United States

Relevant economic data and Federal Reserve officials' remarks

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focus on

United States

Aftermath of nonfarm payrolls data

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Impact of nonfarm payrolls data: Watch for continued market pricing of weakening employment conditions and statements from Federal Reserve officials.

Berkshire Hathaway's holdings breakdown: More detailed disclosures on stock holding changes will be released this month.

Geopolitical developments: Negotiations related to the Strait of Hormuz remain subject to uncertainty.

Analysts widely view Berkshire Hathaway’s shift from net selling to aggressive equity purchases—particularly its significant increase in Alphabet shares—as a clear long-term bullish signal, indicating that new management has begun actively deploying its cash reserves. The July nonfarm payrolls report came in significantly weaker than expected, markedly dampening rate-hike expectations and driving both U.S. equities and gold higher. Within the tech sector, risk appetite has rebounded unevenly, with hardware and high-beta names showing greater elasticity. The prevailing consensus is that employment data and institutional capital flows now dominate market dynamics, supporting a cautiously optimistic near-term outlook—though risks from data revisions and geopolitical volatility warrant caution.

Disclaimer: The above content has been compiled by AI-powered search and verified only by human review prior to publication. It does not constitute any form of investment advice. Data presented herein may inevitably contain inaccuracies; please refer to real-time market data for accuracy.

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