Gold and Bitcoin: A Dual Choice of Safe-Haven Assets
Since Trump's victory, the US dollar has strengthened significantly, while gold prices have started to weaken, even dropping to a two-month low of $2,536 in mid-November. However, with the escalating tensions between Russia and Ukraine, safe-haven buying has driven gold prices sharply higher, with spot gold reaching $2,712 in the past week, marking a new high since November, with a weekly increase of 5.7%, the largest single-week increase since 2023.
The Russia-Ukraine conflict has lasted for 33 months, and recent support from the US and UK has heightened tensions, with Russian President Putin warning of possible further attacks. Experts analyze that such geopolitical instability will undoubtedly enhance the attractiveness of gold as a safe-haven asset, and may lead gold prices to test $2,750 by mid-December.
At the same time, Bitcoin is also seen as one of the safe-haven options, and with changes in market risk expectations, demand for Bitcoin may rise accordingly. However, experts point out that Bitcoin has high volatility, and investors should not overlook the stability of gold.
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