Gold has faced significant pressure, dropping sharply after the U.S. election results that saw Donald Trump regain the presidency. This move comes amidst a stronger dollar and surging treasury yields, both of which increase the opportunity cost of holding gold.
Gold for December delivery recently saw a decline of US$78.10, trading at US$2,671.60 per ounce. The dollar surged, with the ICE dollar index up 1.84 points to 105.26, while bond yields spiked, further weighing on the precious metal.
However, Bitcoin’s price remained resilient despite the rising dollar. Unlike gold, Bitcoin is not as directly correlated with U.S. dollar strength and can be seen as a hedge against inflation or a store of value independent of traditional financial systems. While Bitcoin may face volatility in the short term, its decentralized nature and increasing adoption continue to support its value proposition in an increasingly uncertain global economy.
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