This month, 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. The U.S. 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 (CPI).
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, a troy ounce of .999 fine gold’s spot value was 1,647.50 nominal U.S. dollars. Today, the value of an ounce of .999 fine gold is roughly $1,748.49 per unit.
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) reported 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. Bureau of Labor Statistics published October’s consumer price index (CPI). The lower inflation rate pushed the price of gold up 3.81% against the U.S. 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.
On Nov. 10, gold’s price per ounce was coasting along at $1,706 per unit and by Nov. 13, 2022, it was…
Click Here to Read the Full Original Article at Bitcoin News…
