Gold Under Stress On Soaring Bitcoin

Published on Oct 07, 2021 14:57

COMEX Gold futures stayed locked in a tiny range today as soaring Bitcoin weighed on the yellow metal. The commodity dropped yesterday as rallies failed to see much buying and rising US equities capped gains. The COMEX Gold futures are currently trading down 0.12% at $1760 per ounce. Bitcoin jumped impressively as a break above $50000 mark boosted the sentiments and the leading cryptocurrency hit a near six month high above $54000 mark. Gold has been finding rising Bitcoin as a depressing factor over last few months.