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Gold hits US$4,213 as Bitcoin stalls
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Gold hits US$4,213 as Bitcoin stalls

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  • Gold rose 2.8% to US$4,213 per ounce, reaching its highest level since June 22.
  • Bitcoin (CRYPTO:BTC) remained near US$64,000 while the S&P 500 reached a record above 7,793.
  • CryptoQuant said Bitcoin needs ETF inflows, lower bond yields and reduced rate-hike expectations for a sustained recovery.

Gold rose 2.8% to US$4,213 per ounce, reaching a six-week high as Chinese demand increased.

Chinese gold ETFs recorded 14 straight days of inflows, while year-to-date inflows reached 40 billion yuan.

Chinese gold ETF demand remained supported by economic uncertainty and central bank purchases, according to data cited by Cointelegraph.

Bitcoin (CRYPTO:BTC) remained near US$64,000, while the S&P 500 briefly reached a record above 7,793.

Rekt Capital said weaker Bitcoin rallies could lead to another decline within the US$58,000–US$66,000 range.

CryptoQuant said a sustained Bitcoin recovery requires continued US spot ETF inflows and lower US bond yields.

CryptoQuant also said reduced Federal Reserve rate-hike expectations and a positive Coinbase Premium would support a sustained recovery.

At the time of reporting, Bitcoin price was $64,579.72.

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