Gold climbing surpasses Bitcoin amid the demand for a safe haven
The height of gold exceeds Bitcoin
According to the American Bloomberg Network, the annual increase in Bitcoin coin by more than 3% comes behind the rise of gold by 9%.
Gold resumed its rise with the renewed trade tensions that added a luster to the metal as the most important safe havens.
Also read: Why is gold a good safe haven yet despite its high prices?
During periods of economic and political instability, many investors choose to invest in gold because of their belief that it is safe.
Gold support and the cause of height
It seems that the gold market also received support from the continuous increase in the reserves of the Chinese People’s Bank of Gold and a new initiative for insurance funds for investment in gold.
It is also expected that the broader geopolitical risk will contribute to gold support.
The essential scarcity of Bitcoin
Analysts say the essential scarcity of Bitcoin coin, with a ceiling of 21 million currencies that led to its comparison with gold as a value store.
Recent developments such as the trade war between the United States and China and the possibility of imposing customs definitions have led to the promotion of gold’s attractiveness in the face of economic uncertainty.
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On the contrary, the value of bitcoin was often closely related to technology stocks that have witnessed significant declines.
Bitcoin’s relationship has increased with the Nasdak index, which is dominated by technology companies in recent months.
Gold at standard levels
The uncertainty that Trump’s movements prompted gold to high levels. On Monday, gold exceeded $ 2900 for the first time and continued its gains on Tuesday to reach a new peak over $ 2938 and more, but that did not continue.
The price of gold on Tuesday witnessed a decline in the market globally, as it decreased in immediate transactions by 0.1% to recorded 2903.74 dollars an ounce after it touched its highest level during the session at 2942.70 dollars, and gold futures in the United States decreased by 0.1% to 2931.40 dollars.
Gold profits from gold
The globally low price of gold is due to the profit processes made by investors after the metal recorded high levels.
The mineral market expert Jim Wikov said that the market has become enlarged and may cause a declining correction that restores the market balance.
Gold prices decrease with the increasing strength of the dollar
The US dollar has risen to the highest level in more than a week amid expectations that Trump’s protectionist policies would re -increase inflation in the United States and force the Federal Reserve to adhere to its militant position and keep interest rates fixed.
Angrify American inflation data
Investors are awaiting US inflation data scheduled for Wednesday, which may directly affect the decisions of the Federal Reserve regarding interest rates at a time when US Central Central Jerome Powell said that the federal is not in a hurry to reduce interest, especially in light of the survival of inflation is higher than the specified goal 2%.
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