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Record High for Gold Prices as Bitcoin Surpasses $40,000 in Trading

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On Monday, Gold reached an all-time high and Bitcoin traded above $40,000 for the first time since May of the previous year. This surge in prices was propelled by the increasing optimism surrounding potential United States interest rate cuts in the coming year, leading to a decline in the value of the dollar in recent weeks.

The haven investment, Gold, climbed to a peak of $2,135.39 per ounce, marking a significant milestone. However, profit-taking ensued, causing the price to settle at $2,069.01. Meanwhile, the dollar exhibited strength on Monday.

Analysts attributed Gold’s rise to factors such as the prolonged Israel-Hamas conflict, which has been ongoing for the past two months. This situation has contributed to concerns about the unstable global economic landscape.

Victoria Scholar, the head of investment at Interactive Investor, noted, “Concerns about the shaky global economic backdrop and the Israel-Hamas conflict have fueled investor demand for safe-haven assets like gold. Expectations for Fed rate cuts next year have put downward pressure on the US dollar, trading around three-month lows, adding to gold’s attractiveness.”

Furthermore, Bitcoin saw a surge in trading, surpassing the $40,000 mark for the first time since May last year, driven by the anticipation of broader trading opportunities for the world’s largest cryptocurrency in the United States.

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