Gold prices are wrapping up the week by plummeting to a nine-month low, with the price per ounce descending to $1,858 on Thursday. Transitioning into Friday, gold is changing hands at $1,870 per ounce, marking a decline of 2.8% over the trailing five days. Concurrently, bitcoin (BTC) prices leaped on Thursday, and have ascended by 1.5% against the U.S. dollar over the course of the week.
Gold’s Downward Dive Mirrors Skyrocketing Bond Yields in a Market Stressed by Fed Policies
Precious metals such as gold and silver are on a descending trajectory, with an ounce of gold now 3.5% lower than its value 30 days prior. Silver too has faced a sharper decline, shedding 6.6% over the past month and 2.9% in the preceding five-day span. The leading duo of precious metals markets is enduring strain, a situation many attribute to the hawkish monetary stance emanating from the U.S. Federal Reserve.
The Fed’s pronounced quantitative tightening coupled with elevated interest rates is propelling bo
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