GMBStaff
4 Dec 23
Gold prices reached a new all-time high on Monday and Bitcoin saw its highest level since April 2022, driven by expectations of an earlier-than-anticipated interest rate cut by the Federal Reserve. Geopolitical uncertainty and a potential weaker U.S. dollar further contributed to this sentiment. ...
Gold prices reached a new all-time high on Monday and Bitcoin saw its highest level since April 2022, driven by expectations of an earlier-than-anticipated interest rate cut by the Federal Reserve. Geopolitical uncertainty and a potential weaker U.S. dollar further contributed to this sentiment.
The price of gold for February delivery surpassed the previous record, reaching $2,100/oz. Recent inflation data and dovish comments from the Fed have bolstered beliefs that the central bank may halt rate hikes and even start reducing rates in March. Despite Fed Chair Jerome Powell's acknowledgment of declining inflation, he refrained from providing a clear timeline for policy easing, leading to a 0.6% increase in the Nasdaq Composite and the S&P 500, and a 0.8% rise in the Dow. Concurrently, Bitcoin touched $41,700 and Ethereum hit $2,261, contributing to a broader cryptocurrency market rally, driven by growing optimism about the impending approval of ETF applications that would track cryptocurrency prices and trade on exchanges.
Disclaimer:This is not financial advice. Please do your own research before investing in any asset.