Gold, Bitcoin Surge to New Heights, Yen Reaches 1-Month High

The price of gold has skyrocketed to an all-time high of $2,185.19 per ounce after a US employment report revealed an increase in unemployment rates and moderate wage growth, despite accelerated job growth in February.

Immediate delivery gold prices rose by 0.5% to $2,170.55 per ounce on Friday afternoon, while US futures prices increased by 0.9% to $2,185.50 per ounce. Gold bars also experienced their largest weekly gain since mid-October.

Gold broke records on Tuesday when it surpassed last December’s peak, primarily driven by clearer signs of downward price pressure and its traditional appeal as a safe haven.

Meanwhile, Bitcoin also surged to a new all-time high on Friday during a rapid trading session amidst the ongoing cryptocurrency frenzy within the investment community.

The leading digital currency reached a peak of $70,105 before quickly dropping and last trading at $68,317.72. The upward momentum was fueled by investor demand for spot and futures cryptocurrency products, as well as expectations of global interest rate reductions.

In other news, the Japanese yen reached its highest level against the US dollar in a month, at 146 yen/USD, following the release of new US employment data, which sparked speculation of a possible interest rate cut by the Federal Reserve. The Japanese currency strengthened against the dollar after Federal Reserve Chairman Jerome Powell stated on Thursday that the US central bank has nearly enough evidence to suggest that inflation is decreasing.

Conversely, the US Dollar Index (DXY) fell by 0.09% to a seven-week low on the same day after the release of the US employment data.

Source: Business Today