Bitcoin News Today: Bitcoin's Rally Challenges Gold's Reputation as a Safe Haven, Value Falls Under $4,000
- Gold fell below $4,000/oz as geopolitical tensions eased and U.S.-China trade talks progressed, weakening its safe-haven appeal. - Silver dropped near $46/oz amid profit-taking and Fed rate-cut expectations, despite strong annual gains and structural supply deficits. - Bitcoin's surge above $115,000 highlighted cryptocurrencies as a "new gold," shifting investor preferences in inflationary uncertainty. - Analysts noted short-term volatility but emphasized intact long-term fundamentals for gold, with mark
Gold Drops Below $4,000; Silver Hovers Around $46 as Safe-Haven Demand Fades
On October 24, gold prices dipped beneath $4,000 per ounce, reversing sharply from recent record highs as investors scaled back their bullish positions due to easing geopolitical risks and changing market conditions. After reaching an all-time high of $4,375 on October 20, gold plunged 6.69% in a single session on October 21—its steepest daily loss since 2013—before settling at $4,142 by October 23. Silver also declined, trading close to $46 per ounce as profit-taking and mixed global signals weighed on precious metals, according to an
The downturn coincided with progress in U.S.-China trade talks, where officials from both countries achieved a
Silver’s movement echoed gold’s, with MCX futures falling 0.93% to ₹1,47,126 per kilogram. Despite a 65% surge over the past year and a record high of $54.47 earlier, silver has come under selling pressure as traders anticipate a Federal Reserve rate cut and improved U.S.-China ties, as noted in
The strong U.S. dollar and a shift toward riskier assets have also dampened gold’s performance.
Global attention is now on the upcoming U.S. CPI data and the Trump-Xi summit, with experts anticipating more insight into trade disputes and monetary policy. While gold ETF holdings are still close to all-time highs at 98.64 million ounces, COMEX stockpiles have dropped 13.55% since their April peak, indicating tighter supply and demand, according to Business Standard.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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