Gold, Bitcoin Charge To New Highs As Dollar Tumbles By

Gold, Bitcoin Charge To New Highs As Dollar Tumbles By

By Jesse Cohen – Gold and Bitcoin have been rallying side by side lately, with both charging to fresh highs.

prices hit another record high Friday, touching $2,073.41 an ounce, before turning lower to settle at $2,035.12 by close of trade.

The yellow metal has thrived in recent months thanks to low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.

Prices of the yellow metal are up nearly 34% year-to-date.

Cryptocurrency , meanwhile, held above $11,000 in weekend trade.

It climbed to a one-year high of $12,061 at the start of the month, bringing its gains on the year to nearly 65% so far.

Bitcoin has sometimes been called “digital gold”, with its supporters saying it could be a good safe-haven investment that investors buy in times of uncertainty.

In contrast, the U.S. dollar has been on the backfoot lately, with the ending lower for the seventh week in a row.

It slid to 92.52 earlier in the week, its lowest since May 2018.

The rapid resurgence in U.S. Covid-19 cases combined with the huge quantities of stimulus coursing through the financial system have been weighing on the greenback, which has fallen about 3% in 2020.

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