Gold Surges on Chinese Demand, Bitcoin Falters Amid S&P 500 Record

Gold prices reached their highest levels in six weeks as Chinese demand surged. The precious metal gained 2.8% on Wednesday to hit $4,213 per ounce.

The increase was largely driven by China's central bank gold purchases and robust appetite for domestic gold-backed exchange-traded funds (ETFs).

In contrast, Bitcoin struggled to keep up with the broader risk-asset optimism seen in equities. The cryptocurrency remained stuck at $64,000 on Wednesday's Wall Street open.

Market analyst Rekt Capital noted that as long as the support for Bitcoin remains around $64,000, price will continue to form Lower Highs and eventually break down deeper into the $58,000-$66,000 range.