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Gold, Crypto Price Today News: Record high by yellow metal; Bitcoin reclaims $21,000 levels

Whats The Buzz-Gold And Bitcoin  Market  ET Now
Gold set a new record on the MCX gaining 14% in 4 months while Bitcoin has reclaimed $21,000 levels after almost 2 months.

Gold price surges to all-time high

On MCX Multi Commodity Exchange (MCX), gold futures traded at an all-time high of Rs 56,562 per 10 grams, up by Rs 238 as compared to Friday’s close of Rs 56,324.

Similarly in the global markets, spot gold was up 0.3% to a nine-month high of $1,926.07 per ounce, a near nine-month high. The US gold futures rose 0.5% to $1,930.30.

Silver also firmed with futures rising 0.75% to Rs 70,000 per kg level.

Gold rates have been on the rise since November, as a softer dollar and amid expectations that the US Federal Reserve would go slower on interest rate hikes after a slowdown in US inflation.

Meanwhile, a survey on Friday showed US consumers are becoming more confident that price pressures will ease considerably over the next 12 months, their one-year inflation expectations falling in January to the lowest level since the spring of 2021, reported Economic Times.

The US Fed raised key interest rates by 75 basis points (bps) four times last year, before slowing to a 50 bps increase in December. Most traders expect a 25 bps hike at the US central bank’s next policy meeting.

“Bullish sentiment in gold has also been supported by reports that China has boosted gold reserves for a second consecutive month. US Retail sales along with some housing data and Bank of Japan monetary policy meeting will be in the spotlight for the week,” said Ravindra V. Rao, VP-Head Commodity Research of Kotak Securities.

“Dollar weakness might persist, as market participants are ramping up bets that the Bank of Japan will exit its ultra-dovish stance as inflation accelerates and is expecting some policy tweaks. Overall trajectory remains on the upside for gold, amid the backdrop of deteriorating global economy and a looming recession and stagflation risks,” he added.

Analysts expect that gold might further trade higher towards Rs 56,610 levels

Prathamesh Mallya, AVP- Research, Non-Agri Commodities, and Currencies, Angel One said: “The opportunity cost of storing the non-yielding bullion increases due to the high vulnerability of gold to rising interest rates, even though it is seen as an inflation hedge. We expect gold to trade higher towards Rs 56,610 levels, a break of which could prompt the price to move closer to Rs 56,850 levels.”

Bitcoin above $21,000; global crypto market cap nears $1 trillion

The world’s largest and most popular virtual currency, Bitcoin, gained 2% to trade above $21,000 as it traded in green on Monday. Similarly, Ethereum (ETH) rose nearly 3% to trade above the $1500 level, reported Economic Times.

Worth mentioning, BTC volume stood at approximately $21.6 billion in the last 24 hours, which is a jump of 26.86% during this period time.

“Bitcoin reached a new high of $21,000, as investors are optimistic that it may have reached its lowest point and that inflation may have peaked. This marks the first time that Bitcoin has been above $20,000 in over two months. The cryptocurrency has also seen a 26.4% increase from its low of $16,496 on January 1. Ether, the coin associated with the Ethereum blockchain network, also saw a 5.91% increase,” said Edul Patel, CEO, and Co-Founder of Mudrex.

Shivam Thakral, CEO of BuyUcoin said the crypto market cap has crossed the $1 trillion mark.”…thanks to an over 20% jump in Bitcoin and Ether prices in just seven days. This is a strong sign that bulls are returning to the market with US central banks successfully bringing down the inflation and saving the economy from slipping into recession. The current market momentum is expected to continue if the macroeconomic factors remain favourable,”

The global cryptocurrency market cap was trading higher around $993.26 billion, increasing 1.99% in the last 24 hours, reported ET.

Read More: Gold, Crypto Price Today News: Record high by yellow metal; Bitcoin reclaims $21,000 levels

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