Bitcoin reached a new high of over $72,000 on Monday, while gold prices hit a record of over $2,350 per ounce. This comes ahead of the release of the US inflation figure later this week. Investors in both gold and digital currencies are hopeful that inflation in the US has cooled and that the Federal Reserve may start cutting interest rates this spring.
On the London gold market, gold prices rose by 0.6 percent to $2,360 per ounce on Monday. The precious metal has been steadily increasing in value, rising by more than 12 percent this year. Global geopolitical tensions and increased gold reserves by the Chinese central bank are driving demand for gold. Analysts at UBS expect the gold price to reach $2,500 by the end of the year. Lower interest rates are generally positive for riskier investments, such as gold and digital currencies. Overall, the outlook for both gold and Bitcoin remains optimistic as they continue to show strength in the market.
