Gold has gone up more than 2% in the past week, reaching a new all-time high fueled by global demand for safe-haven assets and anticipated interest rate cuts from major central banks, while Bitcoin continues to climb above $67,000.
According to Trading Economics data, the price of gold has hiked up to $2,700 per ounce on Oct. 18, reaching a new record high. In the past week, gold has gone up by 2.08% and nearly 5% in the past month.
This rise in gold is driven by growing demand for safe-haven assets and expected interest rate cuts by major central banks. The European Central Bank has cut rates for the third time this year, lowering the deposit rate to 3.25%.
Gold is also influenced by the ongoing war in the Middle East, following the Israeli military’s confirmation on Oct. 17 that they killed Hamas leader Yahya Sinwar, raising fears of a regional escalation.
Meanwhile, Bitcoin(BTC) has experienced a similar high-rise, with the BTC price on a positive trend since Oct. 10. According to data from crypto.news, Bitcoin experienced an 11% surge over the past week and briefly touched a two-month high of $68,375 on Oct. 16.
Co-founder of crypto asset manager Capriole Investments, Charles Edwards, commented on the similarity between Gold and Bitcoin’s upward trend.
“As a rough rule of thumb, macro Bitcoin trends are often lagged behind gold by a few months. Looks promising,” said Edwards on his X post.
In recent years, investors have drawn similarities between Gold and Bitcoin’s price movements in the markets. This comparison is mainly due to the fact that both assets are finite in supply and are not tied to any country’s currency, therefore they provide investors with a “safe-haven” that protects them from the volatility of national currencies.
Thus, Bitcoin itself has repeatedly been dubbed “digital gold”, but now a real-world assets platform Swarm Market has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.
On Oct. 17, Swarm Market announced a partnership with OrdinalsBot where individual satoshis can be inscribed with unique gold kilobar serial numbers, which would allow for gold bars to be traded on Bitcoin’s Ordinals protocol.
Through this partnership, Gold will be the first RWA available on Trio, a marketplace developed by OrdinalsBot which is set to launch by the end of the year.
Source: https://crypto.news/gold-hits-new-all-time-high-at-2700-amidst-bullish-bitcoin/