Gold Outshined Bitcoin This Month Climbing 6% Higher Amid US Real Estate Slump, Lower CPI Data

Diesen Monat, gold has outperformed bitcoin after crypto markets shuddered from the recent FTX collapse, and the precious yellow metal climbed 6.12% since the first of November. Die USA. housing market has shown weaknesses and October’s U.S. inflation rate was lower than expected. Analysts believe these economic trends contributed to pushing gold’s price up by 3.81% against the greenback on Nov. 10, 2022, after the U.S. Bureau of Labor Statistics published October’s consumer price index (VPI).

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So Far Gold’s Market Performance in November Has Outpaced Bitcoin’s

Bitcoin has seen better days as the leading crypto asset is down more than 18% lower than it was during the first of November. A great deal of the crypto asset’s USD losses can be contributed to the FTX collapse and the chaotic aftermath that followed.

An ounce of gold, on the other hand, has risen 6.12% higher than it was trading for on Nov. 1, 2022. On that day, eine Feinunze .999 fine gold’s spot value was 1,647.50 nominal U.S. Dollar. Heute, the value of an ounce of .999 fine gold is roughly $1,748.49 pro Einheit.

Analysts, gold bugs, and economists are attributing some of gold’s success during the past two weeks to the decline in U.S. real estate sales. The National Association of Realtors (NAR) gemeldet on Friday that “existing-home sales slumped 5.9% in October.”

“Existing-home sales faded for the ninth month in a row to a seasonally adjusted annual rate of 4.43 Million. Sales fell 5.9% from September and 28.4% from one year ago,” the NAR report details. The NAR study further attributes the falling home prices to the Fed’s aggressive rate hikes that have increased the 30-year lending rate a great deal this year.

Most of gold’s rise started on Nov. 1, 2022, and it jumped even higher after the U.S. Büro für Arbeitsstatistik veröffentlicht October’s consumer price index (VPI). The lower inflation rate pushed the price of gold up 3.81% gegen die USA. dollar between Nov. 10 through Nov. 13, 2022.

The report also helped bitcoin (BTC) to some degree, as the FTX collapse effect on crypto markets may have been worse if the inflation rate was higher. BTC’s one-hour candle after the CPI report published jumped a great deal higher.

Gold Outshined Bitcoin This Month Climbing 6% Higher Amid US Real Estate Slump, Lower CPI Data
An ounce of .999 fine gold was trading for $1,647 per ounce on Nov. 1, 2022, and today it’s up 6% higher than it was on that date.

Am 11. 10, gold’s price per ounce was coasting along at $1,706 per unit and by Nov. 13, 2022, it was trading for $1,771 eine Unze. Frank Cholly, the RJO Futures senior market strategist, gesagt Kitco News that gold may have run up too fast and the precious metal is simply taking a breather.

“Gold got close to $1,800. And now the market is seeing some profit taking. It does appear to be rolling over. I am not ready to get bearish yet. We are taking a breather,” Cholly explained on Friday. jedoch, there is a point where Cholly could get bearish as the RJO Futures senior market strategist remarked:

If gold closes under $1,750, I’d start to get bearish — At $1,725, things turn sour for gold.

Much like bitcoin proponents betting on the Bitcoin halving event to bolster BTC’s prices, gold bugs think the price of gold will be much higher over the next eight years. Traders at primexbt.com believe gold will reach $4,721 per ounce by 2024 and by 2030 the traders predict gold will reach $8,732 pro Unze.

Tags in dieser Geschichte
1 ounce of gold, Bitcoin, Bitcoin (BTC), Bitcoin-Preis, BTC-Preis, VPI, CPI-Bericht, Frank Cholly, FTX-Zusammenbruch, Gold, Goldpreis, Goldpreise, inflation rate, Kitco, NAR, National Association of Realtors, Unze Gold, Prices of Gold, primexbt.com, primexbt.com traders, Immobilie, RJO Futures, troy ounce of .999 Gut Gold, US Housing, US-Inflation, US Real estate

What do you think about gold’s market performance so far this month? Teilen Sie uns Ihre Meinung zu diesem Thema in den Kommentaren unten mit..

Jamie Redman

Jamie Redman ist der Nachrichtenleiter bei Bitcoin-Tidings.com News und ein in Florida lebender Journalist für Finanztechnologie. Redman ist seitdem ein aktives Mitglied der Kryptowährungs-Community 2011. Er hat eine Leidenschaft für Bitcoin, Open-Source-Code, und dezentrale Anwendungen. Seit September 2015, Redman hat mehr als geschrieben 6,000 Artikel für Bitcoin-Tidings.com Nachrichten über die disruptiven Protokolle, die heute auftauchen.




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