• bitcoinBitcoin (BTC) $ 97,708.00
  • ethereumEthereum (ETH) $ 2,725.72
  • xrpXRP (XRP) $ 2.81
  • tetherTether (USDT) $ 1.00
  • solanaSolana (SOL) $ 198.78
  • bnbBNB (BNB) $ 661.03
  • usd-coinUSDC (USDC) $ 0.999970
  • dogecoinDogecoin (DOGE) $ 0.278704
  • cardanoCardano (ADA) $ 0.807379
  • staked-etherLido Staked Ether (STETH) $ 2,723.42
  • tronTRON (TRX) $ 0.232266
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 97,613.00
  • chainlinkChainlink (LINK) $ 19.46
  • stellarStellar (XLM) $ 0.362092
  • avalanche-2Avalanche (AVAX) $ 26.82
  • suiSui (SUI) $ 3.57
  • wrapped-stethWrapped stETH (WSTETH) $ 3,251.27
  • shiba-inuShiba Inu (SHIB) $ 0.000017
  • hedera-hashgraphHedera (HBAR) $ 0.236853
  • litecoinLitecoin (LTC) $ 128.68
  • the-open-networkToncoin (TON) $ 3.86
  • leo-tokenLEO Token (LEO) $ 9.83
  • hyperliquidHyperliquid (HYPE) $ 26.45
  • usdsUSDS (USDS) $ 1.00
  • wethWETH (WETH) $ 2,724.44
  • polkadotPolkadot (DOT) $ 5.19
  • mantra-daoMANTRA (OM) $ 7.08
  • bitcoin-cashBitcoin Cash (BCH) $ 344.29
  • bitget-tokenBitget Token (BGB) $ 5.41
  • uniswapUniswap (UNI) $ 10.06
  • ethena-usdeEthena USDe (USDE) $ 0.999471
  • wrapped-eethWrapped eETH (WEETH) $ 2,885.94
  • official-trumpOfficial Trump (TRUMP) $ 21.78
  • pepePepe (PEPE) $ 0.000010
  • moneroMonero (XMR) $ 232.45
  • nearNEAR Protocol (NEAR) $ 3.55
  • ondo-financeOndo (ONDO) $ 1.33
  • aaveAave (AAVE) $ 261.95
  • whitebitWhiteBIT Coin (WBT) $ 27.07
  • aptosAptos (APT) $ 6.13
  • mantleMantle (MNT) $ 1.04
  • daiDai (DAI) $ 0.999992
  • internet-computerInternet Computer (ICP) $ 7.26
  • susdssUSDS (SUSDS) $ 1.04
  • bittensorBittensor (TAO) $ 392.90
  • ethereum-classicEthereum Classic (ETC) $ 21.40
  • okbOKB (OKB) $ 51.82
  • gatechain-tokenGate (GT) $ 23.60
  • vechainVeChain (VET) $ 0.035493
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.324717
  • kaspaKaspa (KAS) $ 0.106912
  • algorandAlgorand (ALGO) $ 0.299441
  • jupiter-exchange-solanaJupiter (JUP) $ 0.951608
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 97,738.00
  • crypto-com-chainCronos (CRO) $ 0.091142
  • render-tokenRender (RENDER) $ 4.78
  • tokenize-xchangeTokenize Xchange (TKX) $ 30.16
  • filecoinFilecoin (FIL) $ 3.55
  • cosmosCosmos Hub (ATOM) $ 5.01
  • arbitrumArbitrum (ARB) $ 0.495477
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.806714
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.997422
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 97,843.00
  • sonic-3Sonic (prev. FTM) (S) $ 0.552614
  • fasttokenFasttoken (FTN) $ 3.94
  • celestiaCelestia (TIA) $ 3.19
  • lido-daoLido DAO (LDO) $ 1.86
  • raydiumRaydium (RAY) $ 5.70
  • binance-peg-wethBinance-Peg WETH (WETH) $ 2,722.40
  • binance-staked-solBinance Staked SOL (BNSOL) $ 205.61
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 2,821.96
  • optimismOptimism (OP) $ 1.15
  • xdce-crowd-saleXDC Network (XDC) $ 0.099338
  • kucoin-sharesKuCoin (KCS) $ 12.30
  • ethenaEthena (ENA) $ 0.478618
  • injective-protocolInjective (INJ) $ 15.26
  • blockstackStacks (STX) $ 0.983970
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 97,487.00
  • bonkBonk (BONK) $ 0.000019
  • immutable-xImmutable (IMX) $ 0.821842
  • theta-tokenTheta Network (THETA) $ 1.42
  • movementMovement (MOVE) $ 0.588225
  • the-graphThe Graph (GRT) $ 0.143982
  • rocket-pool-ethRocket Pool ETH (RETH) $ 3,056.38
  • nexoNEXO (NEXO) $ 1.37
  • worldcoin-wldWorldcoin (WLD) $ 1.29
  • flare-networksFlare (FLR) $ 0.021654
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,876.42
  • usual-usdUsual USD (USD0) $ 0.997378
  • sei-networkSei (SEI) $ 0.243493
  • jasmycoinJasmyCoin (JASMY) $ 0.023359
  • galaGALA (GALA) $ 0.024593
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 97,096.00
  • eosEOS (EOS) $ 0.669929
  • dexeDeXe (DEXE) $ 17.73
  • the-sandboxThe Sandbox (SAND) $ 0.409001
  • msolMarinade Staked SOL (MSOL) $ 251.78
  • flokiFLOKI (FLOKI) $ 0.000102
  • tezosTezos (XTZ) $ 0.917679
  • jito-governance-tokenJito (JTO) $ 3.20
  • ethereum-name-serviceEthereum Name Service (ENS) $ 27.41
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 1.40
  • iotaIOTA (IOTA) $ 0.247154
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 2,822.83
  • bittorrentBitTorrent (BTT) $ 0.00000088
  • makerMaker (MKR) $ 1,008.42
  • flowFlow (FLOW) $ 0.531506
  • wbnbWrapped BNB (WBNB) $ 660.32
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 215.72
  • pyth-networkPyth Network (PYTH) $ 0.225834
  • telcoinTelcoin (TEL) $ 0.010435
  • neoNEO (NEO) $ 11.48
  • bitcoin-svBitcoin SV (BSV) $ 39.99
  • kaiaKaia (KAIA) $ 0.134201
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 97,503.00
  • roninRonin (RON) $ 1.27
  • pancakeswap-tokenPancakeSwap (CAKE) $ 2.53
  • spx6900SPX6900 (SPX) $ 0.804800
  • usddUSDD (USDD) $ 1.00
  • axie-infinityAxie Infinity (AXS) $ 4.54
  • chain-2Onyxcoin (XCN) $ 0.022073
  • dogwifcoindogwifhat (WIF) $ 0.716353
  • tether-goldTether Gold (XAUT) $ 2,885.69
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.278179
  • heliumHelium (HNT) $ 3.95
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,876.77
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.010801
  • curve-dao-tokenCurve DAO (CRV) $ 0.527938
  • aerodrome-financeAerodrome Finance (AERO) $ 0.851181
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 2,727.43
  • elrond-erd-2MultiversX (EGLD) $ 23.40
  • decentralandDecentraland (MANA) $ 0.340612
  • fraxFrax (FRAX) $ 0.996433
  • arweaveArweave (AR) $ 9.67
  • berachain-beraBerachain (BERA) $ 5.86
  • paypal-usdPayPal USD (PYUSD) $ 0.999883
  • usdx-money-usdxusdx.money USDX (USDX) $ 0.999492
  • pendlePendle (PENDLE) $ 3.74
  • starknetStarknet (STRK) $ 0.238791
  • pax-goldPAX Gold (PAXG) $ 2,908.04
  • dydx-chaindYdX (DYDX) $ 0.817587
  • conflux-tokenConflux (CFX) $ 0.120667
  • beam-2Beam (BEAM) $ 0.011183
  • matic-networkPolygon (MATIC) $ 0.324750
  • chilizChiliz (CHZ) $ 0.061167
  • resolv-usrResolv USR (USR) $ 1.00
  • pumpbtcpumpBTC (PUMPBTC) $ 94,776.00
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 2,723.76
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 2,720.44
  • coredaoorgCore (CORE) $ 0.555954
  • meowMEOW (MEOW) $ 0.006114
  • insurance-2INSURANCE (INSURANCE) $ 29.11
  • aioz-networkAIOZ Network (AIOZ) $ 0.466183
  • apecoinApeCoin (APE) $ 0.742066
  • zcashZcash (ZEC) $ 33.51
  • ecasheCash (XEC) $ 0.000027
  • wormholeWormhole (W) $ 0.184228
  • kavaKava (KAVA) $ 0.486722
  • beldexBeldex (BDX) $ 0.075105
  • ai16zai16z (AI16Z) $ 0.469294
  • compound-governance-tokenCompound (COMP) $ 57.98
  • reserve-rights-tokenReserve Rights (RSR) $ 0.008986
  • newton-projectAB DAO (AB) $ 0.011105
  • true-usdTrueUSD (TUSD) $ 0.998270
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 97,769.00
  • amp-tokenAmp (AMP) $ 0.005801
  • clbtcclBTC (CLBTC) $ 97,555.00
  • morphoMorpho (MORPHO) $ 2.16
  • thorchainTHORChain (RUNE) $ 1.38
  • fartcoinFartcoin (FARTCOIN) $ 0.477146
  • akash-networkAkash Network (AKT) $ 1.93
  • based-brettBrett (BRETT) $ 0.046653
  • gnosisGnosis (GNO) $ 176.62
  • story-2Story (IP) $ 1.82
  • tbtctBTC (TBTC) $ 97,597.00
  • axelarAxelar (AXL) $ 0.494401
  • quantixaiQuantixAI (QAI) $ 85.50
  • mina-protocolMina Protocol (MINA) $ 0.363503
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000080
  • stakestone-berachain-vault-tokenStakeStone Berachain Vault Token (BERASTONE) $ 2,708.86
  • chex-tokenCHEX Token (CHEX) $ 0.434998
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  • eigenlayerEigenlayer (EIGEN) $ 1.75
  • deepDeepBook (DEEP) $ 0.170528
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  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 1.00
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  • grassGrass (GRASS) $ 1.69
  • coinbase-wrapped-staked-ethCoinbase Wrapped Staked ETH (CBETH) $ 2,970.86
  • super-oethSuper OETH (SUPEROETHB) $ 2,724.18
  • zksyncZKsync (ZK) $ 0.111323
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • usdbUSDB (USDB) $ 1.00
  • hashnote-usycHashnote USYC (USYC) $ 1.08
  • polygon-pos-bridged-weth-polygon-posPolygon PoS Bridged WETH (Polygon POS) (WETH) $ 2,724.95
  • verus-coinVerus (VRSC) $ 4.99
  • 1inch1inch (1INCH) $ 0.271539
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.08
  • echelon-primeEchelon Prime (PRIME) $ 6.86
  • snekSnek (SNEK) $ 0.004977

Gold Price Surges as Economic and Geopolitical Fears Mount

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Gold experienced a notable surge this week, driven by a combination of disappointing U.S. economic data, a dovish Federal Reserve stance, and rising geopolitical tensions, according to a report by Ernest Hoffman for Kitco News. Kitco reported that despite a sharp flash crash on Friday, the precious metal’s price rebounded, reflecting strong trader sentiment.

Gold Price Surges as Economic and Geopolitical Fears Mount

Source: TradingView

Kitco noted that gold started the week trading near $2,400 per ounce and fluctuated between $2,375 and $2,400. Kitco highlighted that on Tuesday weaker-than-expected U.S. manufacturing data reinforced expectations of a dovish Fed, pushing gold prices through resistance levels. By Wednesday, Kitco stated, spot gold had reached a new weekly high close to $2,430 per ounce ahead of the Fed’s rate announcement. According to Kitco, Following the Fed’s confirmation of a dovish outlook and weaker U.S. job data, gold surged to $2,457.86, maintaining its elevated range through the week.

Geopolitical tensions, particularly in the Middle East, further fueled the demand for gold as a safe-haven asset. Kitco explained that reports of escalating conflicts, including missile strikes by Israel on Iran and Lebanon, intensified market anxieties and drove investors towards gold. These geopolitical developments, combined with economic uncertainties, contributed to the increased attractiveness of gold, Kitco added.

Analysts and traders surveyed by Kitco are overwhelmingly bullish on gold for the coming week. Kitco quoted Adrian Day of Adrian Day Asset Management, who expects gold to break previous highs due to the weakening U.S. economy and potential Fed rate cuts. Marc Chandler from Bannockburn Global Forex, as cited by Kitco, anticipates a quieter week but sees the potential for gold to challenge psychological resistance levels at $2,500. Similarly, Kitco reported Bob Haberkorn of RJO Futures views the recent selloff as an overreaction, suggesting a buying opportunity as geopolitical risks persist.

Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, seems to be currently bearish on U.S. stocks and Bitcoin and bullish on gold:

Why buy #gold with the US #stockmarket and #Bitcoin on a tear, and T-bills yielding 5%….may be reversing. #commodities #macroeconomics @BBGIntelligence The full report is on the Bloomberg terminal here: https://t.co/kQrOhY93uF {BI COMD} pic.twitter.com/qfdVV232Yr

— Mike McGlone (@mikemcglone11) August 4, 2024

At the time of writing, Bitcoin last traded at $58,449, down nearly 14% in the past one-week period.

Featured Image via Pixabay

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