Bitcoin Tops $81,000 as Gold Notches Its Best Month Since 1999
Bitcoin (BTC) climbed as high as $81,165 on Tuesday before easing to $80,792, up 4.5% in 24 hours, as gold pushed to its highest price in more than three months. Both assets are climbing on the same forces.
A weakening US dollar and falling bond yields are pulling money into both gold and Bitcoin at the same time. Investors are also watching for signals on where interest rates head next.
Gold Extends Its Rally Toward a 27-Year High
Spot gold gained 0.6% to $4,677.19 per ounce on Tuesday, its best level since mid-May, with the metal up around 13% so far this month. Gold futures also touched a three-month high near $4,720.
UOB analysts pegged the move as gold's best monthly performance since 1999, based on data cited in the report. Silver added 0.4% to $69.19 per ounce, tracking gold higher.
The Dollar and Yields Are Doing the Heavy Lifting
The US Dollar Index has fallen 0.8% this month, making dollar-priced gold cheaper for foreign buyers. Treasury yields have stayed elevated through most of August, but the government's bond buyback plan has kept them roughly 3 basis points lower for the month, easing the opportunity cost of holding non-yielding bullion.
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