Gold hits record high as Bitcoin trades above $40,000

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Gold hit a record high and Bitcoin traded above $40,000 for the first time since May last year on Monday amid growing optimism that the Federal Reserve will cut United States interest rates in the new year, which has dented the dollar in recent weeks. Gold, the precious metal seen as a haven investment, reached an all-time pinnacle at $2,135.39 an ounce. Profit-taking later set in, leaving it to trade at $2,069.01. The dollar was also firmer on Monday. According to analysts familiar with the development, Gold is also benefiting from the Israel-Hamas war escalation, which has lasted for two months now. “Concerns about the shaky global economic backdrop and the Israel-Hamas conflict have fueled investor demand for safe-haven assets like gold,” Victoria Scholar, head of investment at Interactive Investor, told a news agency. “Expectations for Fed rate cuts next year have put downward pressure on the US dollar, trading around three-month lows, adding to gold’s attractiveness.” Elsewhere, bitcoin traded above $40,000 for the first time since May last year, boosted by hopes that the United States would soon allow broader trading of the world’s biggest cryptocurrency.

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