Key Points
- Gold’s price has reached a new all-time high due to global demand for safe-haven assets and expected interest rate cuts.
- Bitcoin’s price continues to rise, briefly reaching a two-month high of $68,375.
Gold’s price has seen an increase of over 2% in the past week, hitting a new all-time high.
This increase is attributed to the growing global demand for safe-haven assets and the anticipation of interest rate cuts from major central banks.
Factors Influencing Gold’s Price
According to data from Trading Economics, the price of gold has surged to $2,700 per ounce on Oct. 18, achieving a new record high.
The value of gold has increased by 2.08% in the past week and nearly 5% in the past month.
The European Central Bank has cut rates for the third time this year, reducing the deposit rate to 3.25%.
In addition to the economic factors, the ongoing war in the Middle East is also impacting gold’s price.
Bitcoin’s Price Trend
In the meantime, Bitcoin has experienced a similar rise, with its price on an upward trend since Oct. 10.
Bitcoin saw an 11% surge over the past week and briefly hit a two-month high of $68,375 on Oct. 16.
Charles Edwards, co-founder of Capriole Investments, noted the similarity between Gold and Bitcoin’s upward trend.
Both Gold and Bitcoin are often compared due to their finite supply and their independence from any country’s currency.
This makes them attractive as “safe-haven” assets, providing protection from the volatility of national currencies.
Trading Gold on the Bitcoin Blockchain
Swarm Market, a real-world assets platform, has made it possible to mint and trade physical gold on the Bitcoin blockchain via the Ordinals protocol.
On Oct. 17, Swarm Market announced a partnership with OrdinalsBot.
This partnership allows for gold bars to be traded on Bitcoin’s Ordinals protocol, with individual satoshis inscribed with unique gold kilobar serial numbers.
This makes Gold the first RWA available on Trio, a marketplace developed by OrdinalsBot set to launch by the end of the year.