Although it has faced increased volatility in recent weeks, the gold price is back on track to see new highs in 2024 after the most recent Federal Reserve meeting. Indeed, the asset is currently trading above the $2030 level after a key breakthrough occurred yesterday.Specifically, the metal ascended beyond the $2000 level after several days of struggling to break $1980. Moreover, that ascension had aligned with the Fed policy meeting in which they hinted at incoming interest rate cuts throughout 2024. Now, the asset is once again aligned with optimistic forecasts for the upcoming year.Gold Price Regains Optimal Position for 2024 BreakoutEarlier this month, gold investors made waves when the asset reached a new all-time high. Indeed, the metal was trading at $2150 in a surge that lasted a few days. However, since then, the asset has experienced a noticeable price correction that saw it struggle to break through from the $1980 mark.Yet, that has changed in recent days, with increased volatility a side effect of uncertain economic developments. Still, the gold price appears to be back on track for new highs in 2024 after the most recent Fed meeting. Specifically, the agency opted to leave interest rates unchanged for the third consecutive meeting. Moreover, they signaled rate cuts to come at some point next year.MUFG Bank economists discussed the metals outlook for 2024 with FX Street. “Higher rates are typically negative for noninterest-bearing assets,” the bank stated. “Thus, the starting point of rate cuts matters for gold’s outlook.” Additionally, they noted that three rate cuts could easily propel the asset to previously unreached heights.“Gold- our most structurally bullish call for 2024- is set to hit record levels on a trifecta of Fed cuts,” they added. Ultimately such rate cuts should set the asset on an upward trajectory. Additionally, their consistency could set it on a clear path to heights that rival its previous all-time high set in 2020. Subsequently, it could very well settle beyond the levels even reached earlier this month.#Gold #dyor

In a groundbreaking development, Bitxgold, the cryptocurrency fully backed by physical gold, achieved the prestigious Halal certification on 21st October 2023.---Introduction---In a historic milestone for both the cryptocurrency and Islamic finance worlds, Bitxgold has emerged as the first-ever gold-backed cryptocurrency to receive the coveted Halal certification. This certification signifies not only a technological achievement but also a harmonious convergence of ancient Islamic financial principles with cutting-edge blockchain technology.---Technology Meets Tradition---Bitxgold stands at the forefront of innovation by fusing blockchain technology with established Shariah finance concepts. This amalgamation of modernity and tradition ensures a transparent and stable value system, firmly anchored in actual gold reserves.---Upholding Shariah Compliance---Conceived and developed by a team of blockchain experts and Islamic finance professionals, Bitxgold places paramount importance on adhering to Shariah principles. Its blockchain transparency not only ensures airtight security but also promotes financial ethics in line with Islamic teachings, such as the prohibition of usury and unjust practices.---Empowering Islamic Finance---Bitxgold provides devout investors with a gateway to the cryptocurrency market without the need to compromise their moral compass. This groundbreaking development sets the stage for a more inclusive digital investment landscape, aligning perfectly with the goals of Islamic finance to foster a fair and egalitarian financial environment.---A Global Paradigm Shift---Beyond its immediate impact on the Islamic financial sphere, Bitxgold offers a model for gold-backed cryptocurrencies that alleviates concerns about market volatility. The acceptance of asset-backed cryptocurrencies may experience a surge on a global scale thanks to this significant breakthrough.The achievement of Halal certification by Bitxgold represents a remarkable confluence of history and technology. It redefines the boundaries of Islamic finance and the broader digital economy by offering a pathway to cryptocurrency engagement that aligns seamlessly with Islamic ideals. This milestone not only solidifies Bitxgold's position as a pioneer in the cryptocurrency space but also paves the way for a more inclusive and ethical financial future thanks to one man’s vision Shahram Zandy Moghadam the founder and the CEO of #Bitxgold.#tia #solana #arbitrum #BTC🔥🔥 #Gold

Oil (WTI Crude Oil

The median) is at $79.86 and is likely to close back above $80. US dollar strength is expected to pick up across the markets in the wake of Powell's speech later on Friday. The sudden drop from Wednesday sees a follow-up on Thursday and Friday.

More commodity analytics

Gold prices held firm amid investors' anticipation of Powell's speech at the Jackson Hole symposium

#Gold prices held firm amid investors' anticipation of Powell's speech at the Jackson Hole symposium

The price of gold #trades sideways as investors shift their focus to Fed Powell's speech at the Jackson Hole Symposium. Market sentiment remains nervous about whether Jerome Powell will provide hawkish guidance on interest rates or prefer a neutral policy.

The US dollar rises ahead of Fed Chair Powell's speech at Jackson Hole

Here's What You Need to Know The US Dollar consolidated against the majors in the second half of Thursday and the US Dollar Index (DXY) posted its highest daily close. The US dollar maintains its early strength as market participants eagerly await the Federal Reserve Chairman's speech Jerome Powell at the Jackson Hole Symposium.

State Street Global Advisors’ chief gold strategist discussed the potential of gold as an alternative to cryptocurrencies.

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State Street Global Advisors, known for running the world’s largest gold exchange-traded fund (ETF), disagrees with the notion that cryptocurrencies can rival gold as a long-term strategic asset.

According to the firm’s chief gold strategist, George Milling-Stanley, he expressed concerns on CNBC’s “ETF Edge” program that the high volatility of cryptocurrencies makes them unsuitable for investors seeking wealth protection over time.

George Milling-Stanley, the chief gold strategist at State Street Global Advisors, stated that the volatility of cryptocurrencies undermines their assertion of being a long-term strategic asset that can compete with gold.

As sponsors of SPDR Gold Shares, the world’s largest physically-backed gold ETF with over $57 billion in assets as of last week, State Street Global Advisors remains firm in its stance.

Milling-Stanley emphasized the advantages of gold, citing its 6,000-year history as a monetary asset. He pointed out that gold has proven to be a reliable hedge against inflation, stock market downturns, and depreciation of the dollar.

According to him, throughout history, gold’s promises to investors have significantly enhanced the returns of a well-balanced portfolio.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Web3 #Blockchain #GoldETF #Gold #ETF

In the midst of global conflicts and economic uncertainty, assets celebrated for their historical stability have returned to the forefront of investment strategies. Bitcoin and gold, renowned for their resilience during challenging periods, have seen substantial surges to multi-month highs. This resurgence has captured the attention of investors across the globe, who are increasingly turning to these assets as potential safe havens in the midst of ongoing uncertainties.Bitcoin Rebounds Above $30,000After a sharp drop below $26,500 less than two weeks ago, Bitcoin, the world's leading cryptocurrency, made an impressive comeback. This remarkable turnaround saw Bitcoin's price soaring to its highest point since July, breaking the $30,000 barrier. Despite minor corrections, Bitcoin is still up by 10% for the week, boasting a market cap of nearly $580 billion.The recent price increase was influenced by a range of factors, notably the false report surrounding the approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States. Although the initial spike turned out to be a mere market rumor, the ensuing market pressure remained substantial. Gradually, Bitcoin regained its upward momentum.Gold Rallies to Five-Month HighGold, a time-honored safe haven asset, has also experienced a resurgence, dispelling its recent lackluster performance. The precious metal saw an impressive increase of nearly $200 in value within just a few weeks, reaching a five-month peak at around $2,000 per ounce. This surge underlines gold's enduring appeal as an investment asset, particularly during times of uncertainty.Altcoins Join the SurgeIt's not just Bitcoin and gold that are in the limelight. Many altcoins are enjoying their moment in the sun. Ethereum (ETH) has maintained its price above $1,600, while XRP stands strong above the $0.5 mark. Altcoins like Cardano, Dogecoin, Tron, Toncoin, Polkadot, Litecoin, and Bitcoin Cash have all posted gains.Some altcoins have truly stolen the show in recent days. Polygon, Chainlink, and Solana are among the standout performers. Notably, Solana (SOL) experienced a 5% surge in just 24 hours and reached a multi-month high, exceeding $28.In the mid-cap altcoin category, notable gains come from the likes of MNT, BSV, and KAS. This upward movement across the altcoin spectrum reflects the broader sentiment in the cryptocurrency market.Total Crypto Market Cap Holds StrongThe overall cryptocurrency market cap has maintained its positive trajectory, staying well above $1.120 trillion. This showcases the enduring appeal of the entire crypto market, which continues to be a compelling investment destination despite ongoing global tensions and uncertainties.Closing Thought Bitcoin and gold have once again demonstrated their roles as potential safe havens during tumultuous times. The recent surges in their prices serve as a reminder that, even in a volatile world, investors still seek stability in assets with a proven track record. While the crypto market remains subject to fluctuations, the resilience of Bitcoin and the enduring allure of gold highlight their significance in the broader financial landscape.#crypto2023 #BTC #Gold