Reports on Monday detailed that protests over zero-Covid policies in China have dampened market sentiment as US stock markets show the top four Wall Street indexes are struggling. The global crypto market cap is down 3.5% and is getting very close to falling below the $800 billion mark. Precious metal prices, on the other hand, such as gold and silver remained steady and since November 3rd, an ounce of gold has jumped 7.06% higher in value against the US dollar.
Gold and Silver Hold Firm Amid Turbulent Global Economy, Precious Metals Outperform Stocks and Crypto Assets
Financial markets were jittery on Monday regarding stocks and cryptocurrencies. Precious metals like gold and silver, however, are holding firm amid the madness in the world.
Some reports cites Monday’s market shake-up to the civil unrest in China due to the country’s zero-Covid policies. Indices such as Dow Jones, Nasdaq, S&P 500 and NYSE all opened the day in the red.
Additionally, the crypto economy is close to falling below the 800 billion dollar zone like bitcoin (BTC) has fallen more than 2% over the last 24 hours. Ethereum (ETH) shed 3.82% over the last day and the entire crypto economy lost 3.5% against the greenback.
An ounce of gold is trading at $1,744 an ounce, up 7% against the US dollar since November 3rd. On that day a troy ounce of fine gold exchanged hands for 1,629 nominal US dollars per unit.
Silver has also gained in USD value since that day, as an ounce of fine silver was less than $20 per unit on November 3rd. Today, silver exchanges hands for 20.99 nominal US dollars per unit.
Silver’s rise since that day has outpaced gold’s value, as silver is up 7.91% over the last 25 days. As the world watches the events in China unravel, the US employment report is due this Friday.
Additionally, the head of the US Federal Reserve Jerome Powell plans to discuss the US economy this Wednesday. Reports indicates that some believe Powell will unveil plans to slow rate hikes.
With gold doing so well amid the macroeconomic backdrop, some believe A ‘Santa rally’ could be on the cards. So far, over the last 25 days, both precious metals (Ag, Au) have outperformed stocks and crypto assets.
What do you think about the market activities of the two precious metals during the last month? Let us know what you think about this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, WikiCommons, Editorial photo credit: VladKK / Shutterstock.com
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