Gold Soars to Nine-Week Highs as Bitcoin Tumbles Amid Global Uncertainty
Gold prices surged to nine-week highs on Tuesday as investors flocked to the precious metal in anticipation of US inflation data. Meanwhile, Bitcoin (BTC) dipped below $64,000, a 1.5% decline from Monday's close.
The retreat in BTC/USD was largely attributed to growing uncertainty over global events, including the US-Iran conflict and oil price surges. This volatility drove retail investors towards gold, with the SPDR Gold Shares (GLD) ETF experiencing its highest single-day inflow since mid-March, totaling $637 million.
The correlation between Bitcoin and gold remains strong, with a 90-day rolling basis showing a positive link between the two assets. Despite this, key resistance near $66,000 is expected to keep BTC price action in check ahead of Wednesday's US Consumer Price Index (CPI) print for July.