Gold prices tumbled to $1,271 in the previous session – their lowest level since August 9.
Gina Sanchez, CEO of Chantico Global, stated in an interview that the fundamentals for gold in the long terms were not looking good as the precious metal tended to perform against interest rates or the dollar. However, if geopolitical tensions heated up, gold prices might regain momentum as investors would look for safe haven assets.
Wall Street rallied yesterday. The Dow Jones climbed by 84.07 points closing at a record high of 22,641.67. The S&P 500 reached a record high as well, closing at 2,534.58 after going higher by 0.2%. The NASDAQ also climbed by 0.2 percent towards 6,531.71.
The value of most cryptocurrencies in the market declined as ethereum and bitcoin dropped by more than 3 percent.
The price of bitcoin fell from $4,430 to $4,280 in just 24 hours. Ethereum struggled to regain stability but later on fell from $300 margin to below $290.
A representative of Goldman Sachs reaffirmed that the bank was actively exploring various methods of mining in order to meet the growing demand for cryptocurrencies.
Bitcoin is struggling after dropping from its all-time high of $5,000 as a result of China imposing a national ban on cryptocurrency.