Gold hits record high as Bitcoin trades above $40,000

Gold hits record high as Bitcoin trades above ,000

Gold hit a record high and Bitcoin traded above $40,000 for the first time since May last year on Monday amid growing optimism that the Federal Reserve will cut United States interest rates in the new year, which has dented the dollar in recent weeks.

Gold, the precious metal seen as a haven investment, reached an all-time pinnacle at $2,135.39 an ounce.

ALSO READ  AFCON 2023: NFF to clear Super Eagles’ 26-match unpaid bonuses

Profit-taking later set in, leaving it to trade at $2,069.01. The dollar was also firmer on Monday.

According to analysts familiar with the development, Gold is also benefiting from the Israel-Hamas war escalation, which has lasted for two months now.

“Concerns about the shaky global economic backdrop and the Israel-Hamas conflict have fueled investor demand for safe-haven assets like gold,” Victoria Scholar, head of investment at Interactive Investor, told a news agency.

ALSO READ  Ogun govt, Dangote on war path over demolition of primary school

“Expectations for Fed rate cuts next year have put downward pressure on the US dollar, trading around three-month lows, adding to gold’s attractiveness.”

Elsewhere, bitcoin traded above $40,000 for the first time since May last year, boosted by hopes that the United States would soon allow broader trading of the world’s biggest cryptocurrency.

ALSO READ  Tinubu has directed construction of Sokoto-Badagry Coastal Highway – Umahi

Gold hits record high as Bitcoin trades above $40,000

Share

Leave a reply

  • Default Comments (0)
  • Facebook Comments

Your email address will not be published. Required fields are marked *