ANTD.VN - The pressure from Bitcoin's strength seems to be overshadowed by concerns about Russia-Ukraine military tensions, helping gold prices to continuously recover.
After three days of fluctuating below $92,000, Bitcoin (BTC) resumed its upward momentum, setting a new record by rising to a session high of $94,120. Currently, the coin is trading above $92,000.
The world's largest cryptocurrency hit a new high as Wall Street launched options trading on spot Bitcoin ETFs, adding access to the digital currency for financial institutions.
Options contracts give investors the right (but not the obligation) to buy or sell an asset at a specific price and time. One of the biggest advantages of this derivative product is leverage. Instead of buying the entire asset, investors buy options contracts and can earn similar profits, but with a much lower initial investment.
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Typically, gold and Bitcoin are inversely correlated. |
Before this price increase, Bitcoin had skyrocketed after Donald Trump was elected President of the United States.
However, this continued rally seems to have had some effect on the precious metals market, with gold prices continuing to rally as the Russia-Ukraine conflict escalates dangerously, raising investor concerns about the prospect of nuclear war.
Spot gold prices also hit a session high of $2,640 an ounce, up more than $31 an ounce, or 1.2%.
Domestically, gold prices continued to open with the third consecutive increase. The price increase for SJC gold was 700 thousand VND per tael, after the increase of 1 million VND/tael yesterday, listed early this morning at 82.70 - 85.70 million VND/tael.
Similarly, gold rings also increased by about 500 - 700 thousand VND per tael. SJC 999.9 rings are listed at 82.70 - 84.0 million VND/tael; Bao Tin Minh Chau plain round rings are 83.88 - 84.78 million VND/tael; DOJI's Hung Thinh Vuong rings are 84.10 - 85.10 million VND/tael; Phu Quy round rings are 83.80 - 85.50 million VND/tael.
In addition to military tensions, gold prices could be influenced this week by speeches from Fed officials that could shed more light on plans to cut interest rates. According to the CME FedWatch interest rate tracker, investors now see a 63% chance of a 25 basis point (0.25%) cut next month. The US interest rate is currently at 4.5-4.75%, after a 25 basis point cut in early November.
According to analysts at Commerzbank, the factors that are favorable for gold are still there, so the low price has stimulated buying demand. These factors include: geopolitical instability, central bank buying, the expanding budget deficits in the US and other Western countries and a new factor is the recent depreciation of the US dollar.
Source: https://www.anninhthudo.vn/bitcoin-lap-ky-luc-vuot-94000-usd-gia-vang-tiep-tuc-phuc-hoi-post596010.antd
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