Gold and Bitcoin continue to gain value.. Record after record broken
Bitcoin and gold, which have attracted great interest from internet users and the media, have seen historic peaks. The ounce price of gold reached an all-time high, hitting 2,195 dollars the other day.
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Positive developments in the US economy and expectations that the Fed will begin interest rate cuts in the first half of the year have benefited Bitcoin and gold. Both the precious metal and the crypto asset Bitcoin saw historic peaks in the same week.
This week, the weekly increase in ounce gold prices was 4.65 percent, while gram gold increased by 7.8 percent. The weekly increase in Bitcoin was around 10 percent.
The ounce price of gold reached an all-time high, hitting 2,195 dollars the other day. Similarly, Bitcoin saw a record level of 69,904 dollars in a week that it started at the 63,000 dollar level.
HOW DID GOLD AND BITCOIN GAIN VALUE?
While the volatile trend in Bitcoin continues due to interest in exchange-traded funds (ETFs) and the financial rise in the technology sector, the rise in gold is occurring due to the cooling of the US economy and expectations of interest rate cuts by the US Federal Reserve (Fed).
Furthermore, it is noteworthy that central bank gold purchases have been at record levels for 2 years, and according to the World Gold Council, this situation contributes approximately 10 to 15 percent to the acceleration of gold prices.
Kitco News, a news site focusing on the precious metal market, especially gold and silver, conducted a survey among investors. The survey reveals a consensus that the value of gold will either rise or remain stable over the next seven days.
THE MEDIA IS ALSO SHOWING INTEREST IN BITCOIN
US stockbroker and financial commentator Peter Schiff stated that the rise in Bitcoin is a distraction and has diverted media attention away from gold's records.
Google Trends data also showed that curiosity about Bitcoin is increasing. Globally, the search term "Bitcoin" reached its peak on March 5, scoring a perfect 100 points over a 90-day period. In contrast, search interest for "gold" was 18 percent lower than for Bitcoin.