Hitting $1,887 per ounce at 3:00 a.m. EDT, according to data from TradingView.
Marking a four-month high after gold prices dipped to $1,681 in early March, Last week, gold reached its highest price level since Jan. 8 at $1,889. over the past 24 hours spot gold is trading at $1,882, up around 0.1%.
The accelerated growth of the gold market came along with a major downturn in cryptocurrency markets that started on May 12. After topping above $2.5 trillion, the total crypto market capitalization started seeing consecutive slumps eventually sinking below $1.3 trillion on May 23, according to data from CoinMarketCap.
According to Bob Haberkorn, a senior market strategist at brokerage firm RJO Futures, growing gold prices could be attributed to a weaker dollar accompanied by lower U.S. Treasury yields. “If the data comes out substantially better than expected, that would probably be bearish for gold, because the likelihood of a Fed taper will be sooner rather than later,” he said.
A number of financial analysts have drawn parallels between the trends in the crypto and gold markets, with JPMorgan experts suggesting last week that large institutional investors were dumping Bitcoin (BTC) in favor of gold.