Gold Hits Nine-Week Highs As Bitcoin Drops Into US CPI Data Release
Retail investors poured $50 million into GLD on Aug. 5 as safe-haven demand lifted gold and kept bitcoin below $64,000, analysts said.
- On Tuesday, gold hit nine-week highs of $4,435 per ounce while Bitcoin prices sank to one-week lows ahead of US CPI data, as investors shifted toward safe-haven assets.
- Geopolitical tensions concerning the US-Iran war and the Strait of Hormuz impasse prompted the market shift, while Wall Street tracked sideways amid a fresh 5% surge in oil prices.
- Investors added $1.4 billion to GLD so far in August, including $637 million on August 5, while US spot Bitcoin ETFs saw a combined inflow of $244.4 million.
- BTC remains contained by the 50-month EMA at $65,827, while CEO Ki Young Ju noted the Bitcoin-gold 90-day correlation has returned to digital-gold-era levels.
- Markets await Wednesday's Consumer Price Index print as a key volatility catalyst, with trader Micha�l van de Poppe warning that Crypto markets have historically weakened into major inflation data releases.
26 Articles
26 Articles
The prices of future gold contracts closed high and exceeded $4.4 thousand per ounce-troy, this Tuesday (11), following two days of gains supported by the firm demand of central banks, while the developments in the Middle East follow in the radar, with high oil prices. Investors also await the inflation data of the United States tomorrow in search of clues on the path of the monetary policy of the Federal Reserve (Fed). In Comex, metal division …
Shafaq News - Baghdad: Gold rose for the third consecutive session on Tuesday, reaching its highest level in over two months, as investors awaited US inflation data to assess the path of interest rates. Spot gold climbed 1% to $4,432.74 per ounce, its highest level since June 5, while US gold futures rose 1.7% to $4,492.60. Investors are awaiting the release of US consumer price index data on Wednesday and producer price index data on Thursday, …
Gold prices jump to nine-week high
New York: Gold prices rose to a nine-week high on Monday as persistent geopolitical uncertainties, including delays in reopening the Strait of Hormuz, supported demand for the precious metal.At the time of writing, spot gold was trading higher at over $4,398 per ounce, recovering from a session low of $4,316.Bullish momentum is supported by the Relative Strength Index (RSI), signalling further upside potential and keeping the overall trend point…
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