Gold Hits 2-Month High As Dollar Slackens, Bitcoin Rally Loses Steam By 3%

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 Gold Hits 2-Month High As Dollar Slackens, Bitcoin Rally Loses Steam By 3%

Summary

  • Gold touched its highest point in about two months on Monday, January 4, crossing the US$ 1,946 an ounce mark.
  • Monday’s advance was reportedly the biggest yearly jump gold saw in the last 10 years.
  • Bitcoin Canadian Dollar (BTC/CAD), which had been on quite the rally for a while, dwindled by nearly three per cent on Monday, its sharpest fall since March 2020.

Gold touched its highest point in about two months on Monday, January 4, crossing the US$ 1,946 an ounce-mark, fueled by a weakened US dollar and lowered real yields.

Monday’s advance was reportedly the biggest yearly jump gold saw in the last 10 years.

After a 1.5 per cent climb on Monday, the yellow metal reflected a marginal decline early Tuesday morning, January 5.

Real yields, which is the difference between a bond’s nominal yield and the rate of inflation, has reportedly dropped close to the lowest point from last year. The decline comes in the wake of the rising hopes for inflation in 2021, being driven by the progress in the COVID-19 vaccine landscape, continuing support from the central banks and the governments.

Silver climbed about 1.3 per cent on Monday and is currently standing at US$ 27.5 an ounce as of 3.30 am EST Tuesday, up 0.5 per cent growth.

After sliding by about 1.4 per cent on Monday, platinum climbed marginally early Tuesday to US$ 1,079.

The 10-year breakeven inflation rate (T10YIE), a market inflation indicator, climbed to highest point since November 2018 on Monday, touching 2.01 per cent.

Image source: ©Kalkine Group 2020

Canadian Dollar Weakens, Bitcoin Rally Loses Steam

The Canadian dollar touched a nearly three-year high of 1.2665 on Monday, but later slump by 0.4 per cent to close at 1.2772 against the greenback. The decline was likely triggered by the results of the Senate runoff elections in Georgia, US, earlier in the week.

Bitcoin Canadian Dollar (BTC/CAD), which had been on quite the rally for a while, dwindled by nearly three per cent on Monday, its sharpest fall since March 2020. The decline continued Tuesday, reporting a drop of about 3.4 per cent at 4.00 am EST.

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