Gold Surges Amid Geopolitical Tensions as Bitcoin Remains Range-Bound
Gold's price has surged as investors seek safe-haven assets amidst rising geopolitical tensions. The precious metal gained strength after attacks on shipping in the Middle East and a North Korean missile launch, making it an attractive option for defensive investors.
The gold price is currently at $4,400, outperforming Bitcoin, which was virtually unchanged during this period. This divergence suggests that gold may be more appealing to risk-averse investors seeking to hedge against potential losses.
Bitcoin's price has been range-bound between $62,000 and $66,000 for the past few weeks, despite consistent demand from US spot Bitcoin ETFs. However, this demand has met selling pressure from miners and corporate holders, absorbing much of the institutional buying.