Gold and Bitcoin Surge as Dollar Weakens

Bitcoin has broken through $80,000 to reach an all-time high of $81,165. The rally is being fueled by a weakening US dollar and falling bond yields, which are pulling money into both gold and Bitcoin at the same time.

The price of gold also reached its highest point in over three months, with spot gold gaining 0.6% to reach $4,677.19 per ounce. This marks gold's best monthly performance since 1999, according to UOB analysts.

The US dollar index has fallen 0.8% this month, making dollar-priced gold cheaper for foreign buyers. Treasury yields have stayed elevated through most of August, but the government's bond buyback plan has kept them roughly 3 basis points lower for the month.