Gold hits six-week highs on China demand as Bitcoin ignores fresh S&P 500 record
Gold and US stocks stole the limelight on Wednesday as Bitcoin failed to gain significantly beyond $64,000.
On Wednesday, gold prices surged to six-week highs, while Bitcoin struggled to surpass $64,000. Gold rose 2.8% to reach $4,213 per ounce, its highest level since June 22. This increase was driven by substantial inflows into Chinese gold-backed exchange-traded funds (ETFs), which experienced their worst month of outflows on record in June, according to Bloomberg.
Despite this, Chinese demand for gold ETFs remained robust due to geopolitical and economic uncertainties, as well as continuous gold purchases by the People's Bank of China. Meanwhile, US stocks showed mixed performance, with the S&P 500 index briefly reaching a record high above 7,793 before falling shortly after. Analysts noted that 66% of S&P 500 stocks had surpassed their 50-day moving average, with 57% outperforming the index's benchmark tracker.
However, Bitcoin failed to keep up with this positive sentiment, continuing to lag behind broader market optimism.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
