Gold hits new all-time high, currently overtaking Bitcoin in risk-off status debate
Author: Christian Sandor, Steven Alpher | Edited by Steven Alpher Updated March 13, 2025, 16:31 UTC Published March 13, 2025, 16:15 UTC
After yesterday’s modest gains fueled by weak inflation data, U.S. stocks fell sharply again on Thursday and appeared to be dragging Bitcoin (BTC) down with them.
The Nasdaq was down 1.7% and the S&P 500 was down 1.2% around noon ET. After rallying to nearly $85,000 on Wednesday, Bitcoin has retreated to $81,000, down 1% in the past 24 hours.
However, gold continues to play its traditional role as a safe haven in difficult times. The yellow metal is 1.5% above its new record high and is just $10 away from breaking $3,000 an ounce for the first time in its history.
Since the Nasdaq hit its annual peak three weeks ago, the index has fallen nearly 15%. Over the same period, gold has gained about 1%, while Bitcoin has fallen nearly 20%.
The current gains may remind investors of the late summer/early fall of 2024, when cryptocurrency markets along with stocks stagnated while gold was making new highs. While BTC consolidated in the $50,000 to $70,000 range from March to October, gold rose nearly 40% to $2,800. Bitcoin eventually rose above $100,000 on the back of Trump’s election victory, while gold’s gains slowed as money moved from safe havens to riskier assets.
Gold ETFs have seen their largest average 30-day inflow since the start of 2022, adding 3 million ounces of the yellow metal to the funds, according to Bold.report data.
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