Gold Claims Top Spot Over Bitcoin as Weaker Jobs Data Boosts Precious Metal

Gold has taken the lead over Bitcoin once again, thanks to weaker U.S. jobs data and falling Treasury yields that have revived demand for the precious metal. According to a BTC/GOLD chart shared by trader @trading_axe, Bitcoin's weakness relative to gold may continue before a possible reversal later in the year.

As of August 8, Bitcoin was trading near $64,956, while spot gold finished Friday around $4,336 an ounce after gaining more than 7% for the week. The ratio formed by the chart has broken below the blue midpoint and is now hovering near 300 million, indicating a clear deterioration in Bitcoin's relative strength against gold.

The next important area for the ratio to defend is the horizontal support near 251 million. According to the trader behind the chart, gold will likely remain stronger before BTC/GOLD potentially establishes a larger long-term bottom closer to the end of 2026.

UBS has projected that gold could reach $5,000 an ounce in the first half of 2027, but this remains a forecast rather than a guaranteed outcome. For Bitcoin to demonstrate meaningful relative strength, it would need to defend the 251 million region and reclaim the nearby 310 million area.