Gold Rises as Yields and Oil Prices Decline, Bullish Options Bet Targets $5,000

Gold futures have turned higher as yields and oil prices decline. The 10-year Treasury yield has fallen below 5%, which is seen as a positive development for gold.

A bullish options bet targeting $5,000 in gold price is being eyed by analysts. This bet suggests that the market expects gold to continue its upward trend.

The Federal Reserve raised interest rates and indicated that there may be one more hike before the year-end due to elevated inflation. However, this move has not had a significant impact on gold prices so far.

JPMorgan's view that Bitcoin could outperform gold if ETF hedging demand eases is being seen as a contrarian view in the market. The company believes that younger investors will increasingly turn to Bitcoin as their store of value, potentially leading to an increase in Bitcoin ETF assets triple that of gold.