Gold Consolidates Amid Heavy Selling In Bitcoin

Published on Jan 21, 2022 14:45

COMEX Gold is holding near $1740 per ounce mark, consolidating after hitting a two month high as the bullish sentiments remained in place due to Covid-19 and a massive slide in Bitcoin. The crypto market was hit yesterday with heavy selling in major counters and Bitcoin tanked around 10%. The top cryptocurrency has lost heavily over this week and the break under $40000 mark has pulled it near a six month low now. The World Gold Council (WGC) stated in a latest update that Gold benefits from diverse sources of demand like investment, reserve asset, jewellery, and a technology component. It is highly liquid, no one`s liability, carries no credit risk, and is scarce, historically preserving its value over time.