In early February, the price of gold reached its highest level since April 2022, but it quickly changed direction. Due to the anticipation of more rate hikes, buoyed by robust economic data, bullion has fallen by over 5% this month.
According to Bart Melek, who is the Head of Commodity Markets Strategy at TD Securities, despite having support at $1,806, gold prices have been declining due to higher-than-anticipated inflation, and the economy has remained robust.
The cryptocurrency market is experiencing a decline as investors are taking on less risk. Today, the entire crypto market is in the red with most digital currencies experiencing a dip in value. This shift in investor sentiment towards risk has led to a sell-off of crypto assets.
The cryptocurrency market has seen a mix of gains and losses, with Bitcoin holding steady near $24,500 and Solana surging over 12%. Other major cryptocurrencies, including Ethereum and Cardano, have experienced slight declines.
The US Bureau of Economic Analysis has reported solid growth of 2.7% in the second reading of the fourth-quarter Gross Domestic Product, slightly lower than the initial estimate of 2.9%, while personal consumption contributed to the latest downward revision, as it increased by 1.4%.
The recent strength of the US dollar and the possibility of a more hawkish monetary policy from the Federal Reserve has put pressure on gold prices.
The global cryptocurrency market experienced a 2.78% decline on Wednesday following a surge the day before. This was mainly due to losses in Bitcoin, Ethereum, and other alternative cryptocurrencies.
Sensex on Wednesday witnessed a three-week low as it plunged by 927 points to settle at 59744.98 while Nifty settled at a four month low below 176,00. The figures are a reflection of weak global trends.
The worth of Bitcoin has escalated by 14%, sparking conjecture about its upcoming direction. In this report, we will explore common predictions for Bitcoin's price and analyze the causes that have impacted recent variations in its value.
The domestic markets have recently witnessed a notable decline in gold prices, hitting a five-week low. This downturn is attributed by market experts to apprehensions over the potential hike in interest rates by the US Federal Reserve and a series of strong economic data being released by the US.
Bitcoin, the cryptocurrency with the largest market capitalization, increased by 3.61% and was trading at $25,062.33. Ethereum also saw a rise of 3.13% and was trading at approximately $1,725.61.
The top 10 non-stablecoin cryptocurrencies by market capitalization experienced a mixed morning as Bitcoin dropped below US$24,000. Among those cryptocurrencies, Solana saw the biggest gains, while the leading name coin Dogecoin experienced the largest drop.
Bitcoin and Ethereum experience a significant increase in value, recovering approximately 5% of their worth in recent days. This positive trend has come after weeks of downturn in the crypto market, and investors are taking it as a positive sign.
In recent days, gold prices have experienced a significant downturn, dropping to a five-week low in the domestic markets. Market experts attribute this decline to concerns over the US Federal Reserve potentially increasing interest rates, as well as a slew of robust economic data coming out of US
Bitcoin and Ethereum, both experienced a decline in value. Bitcoin decreased by 3.32% and was trading at $24250, while Ethereum had a 2.72% decline and was trading at around $1,691.88.
Dubai's crypto-friendly regulations have helped to foster a thriving industry, attracting both Web3 and crypto businesses, as well as traditional companies incorporating innovative technologies like cryptocurrencies, NFTs, and the metaverse.
Gold and silver prices have shown slight weakness or have remained steady during early U.S. trading on Thursday, in the wake of a U.S. inflation report that disclosed an increase in inflation.
On Wednesday, the gains of cryptocurrencies continued to increase, with the global market capitalization of the crypto industry reaching $1 trillion and the past 24 hours showing a trading volume of $57.8 billion.
According to ANZ Bank strategists, the price of gold has dropped below $1,850, which is the lowest it has been since early January.
Investors were awaiting the release of the US Consumer Price Index (CPI) data, which measures inflation and can impact the value of the precious metal.
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