Don't want to trade it yourself?
Our desk runs DEX portfolios on profit share.
<a href="https://xpertsstudio.com/bitcoin-breaks-80k-as-ethereum-and-solana-rally/” title=”Bitcoin Breaks $80K as Ethereum and Solana Rally”>Bitcoin rises above $80,000 for the first time since May amid uncertainty over US fiscal plans
-
Business live – latest updates
Gold prices hit their highest level in more than three months on Tuesday as continued conflict in the Middle East and ongoing political uncertainty fuelled the latest rally in the precious metal.
Gold is viewed as a safe haven by investors and its price tends to rise at times of uncertainty.
The metal has risen by about 15% so far during August, reaching $4,651 (£3,410) an ounce during Asian trading hours on Tuesday, before falling back slightly. This put gold on track for its best monthly performance in almost 30 years, since September 1999.
The price of gold began to rise in early August amid optimism that the US and Iran were getting closer to restoring a ceasefire in the Middle East and reopening the strait of Hormuz. While this did not happen, the price of gold has continued to climb.
The latest rises came as investors awaited US inflation data and a closely watched speech from the new US Federal Reserve chair, Kevin Warsh, amid anxiety in government bond markets over inflation and Donald Trump’s tax and spending plans.
“Looking ahead, we expect dips in gold to be well-supported from buyers looking for gold to make its way towards the next upside resistance at $4,900/$5,000,” said Tony Sycamore, a market analyst at the broker IG.
The price of bitcoin climbed above $80,000 (£58,680) on Tuesday, taking the cryptocurrency to a three-month high not seen since mid-May, which analysts attributed to a weakening US dollar and similar factors that were driving gold higher.
The biggest rally in gold since the 1970s began in 2025, after Trump first announced the introduction of tariffs on imported goods, prompting fears of disruption to global trade.
The price topped $4,000 an ounce for the first time last October, before passing $5,000 in January and reaching a record high at the end of that month, partly fuelled by shifts in US policy, as well as political uncertainty elsewhere, including in France and Japan.
However, many investors were surprised to see the price fall back again earlier this year, reaching $3,942 in late June, despite the ongoing conflict in the Middle East.
War and geopolitical uncertainty would usually raise the gold price, making the fall counterintuitive. However, analysts said the US-Iran conflict has also driven oil prices higher, along with expectations of higher inflation and interest rate rises, which are factors that can subdue the gold price, outweighing demand for it as a safe store of wealth.
There is renewed appetite for gold among investors as a “hedge against unclear US fiscal plans”, as a “hedge against inflation, amid questions over the Fed’s willingness, or ability, to fight inflation independently” and as a hedge against worries about the AI boom a senior analyst at the Swiss banking group Swissquote
It comes as Trump has announced fresh tariffs on cars and crucial raw materials from Canada, marking the latest deterioration in relations between the two neighbours, while the US has threatened to impose severe sanctions against any country or entity maintaining economic ties with Iran.
Explore more on these topicsReuse this content
Source: www.theguardian.com
1 Comment
Pingback: BTC Rally Should Get Hotter as ETF Inflows Surpass $2Bn – xpertsstudio