Gold surges to new peak as Bitcoin rises

Gold has soared to a record high of $2,629 per ounce following the US Federal Reserve’s recent interest rate cut. This surge, which took place on 23rd September, was fuelled by a combination of reduced bond attractiveness and growing geopolitical tensions. With inflation concerns and ongoing conflicts in Ukraine, Israel, and other regions, many investors are turning to gold as a safer asset. Goldman Sachs analysts expect the precious metal to rise further, predicting it could hit $2,700 by early 2025.

Meanwhile, Bitcoin, often dubbed ‘digital gold’, is also experiencing a rise. Following the Fed’s 0.5% rate cut on 18th September, Bitcoin climbed by 8.5%, reaching a four-week high of $64,660. Crypto analysts predict that the cryptocurrency could break new all-time highs by the end of 2024, following its typical seasonal patterns.

While gold’s rise is grabbing attention, some argue that Bitcoin is now dominating investor interest. Peter Schiff, a known advocate for gold, remarked that many are overlooking the significance of gold’s performance, opting instead to focus on digital assets like Bitcoin.