Gold Soars Above $4,100 as Bitcoin Consolidates Below $65K

The gold price has surged to $4,130 per ounce on Wednesday, marking its third consecutive day of gains. This increase comes as the US dollar index remains below 100 and WTI oil prices drop to $75 per barrel.

This downward pressure on inflation reduces hopes for another Fed rate hike, with the probability now at 56.9% instead of 65% last week. A poor employment report could further weaken the dollar and boost gold prices.

Gold's resilience is attributed to its broader base of defensive demand compared to Bitcoin. It serves as a reserve asset for central banks, institutions, and private investors during times of uncertainty.