Silver

Gold

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/gold-and-silver-reach-new-record-levels/" data-wpel-link="internal">Gold and Silver Reach New Record Levels</a> 
The commodity market is experiencing a strong rally as precious metals like gold and silver reach new record levels. Gold stood out by reaching an all-time high against the US dollar, garnering significant attention. Following silver’s upward surge, market analysts began closely monitoring <a href="https://en.coin-turk.com/crypto-market-value-climbs-as-bitcoin-struggles-to-surpass-71000/" data-wpel-link="internal">Bitcoin</a> (BTC), often referred to as “Digital Gold.” 
<h2 style="text-align: justify" id="strong-new-record-for-gold-strong">New Record for Gold</h2> 
Gold rose to $2,450 per ounce due to developments in Iran and expectations of a dovish step by the Fed regarding <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">interest rates</a>. Continued demand from central banks also contributed to a 30% increase in gold prices this year. The rise in gold is seen as a hedge against geopolitical uncertainties and potential inflation, making it a preferred asset for investors in the current environment. 
Silver also made headlines today alongside gold, surpassing the psychological threshold of $30 to reach its highest level in 11 years. This rise is attributed to its safe-haven status, a weakening US dollar, and increasing industrial demand. The Silver Institute‘s World Silver Survey report indicates a 9% increase in industrial demand this year, particularly due to silver’s use in renewable energy <a href="https://newslinker.co/category/mobile/" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a>. 
Looking ahead, silver faces resistance around $35 due to historical peaks in 2011 and 2012. A break above this level could lead to a retest of the record high of $47.71 last seen in April 2011. 
<h2 style="text-align: justify" id="strong-bitcoin-s-catch-up-potential-strong">Bitcoin’s Catch-Up Potential</h2> 
Amid the recent rise in silver prices, a significant gap for Bitcoin to close has emerged. For Bitcoin to match silver’s market value of $1.8 trillion and become the eighth-largest global commodity, its price would need to exceed $93,000, assuming silver remains stable. Bitcoin analyst Dylan LeClair highlighted that the largest cryptocurrency tends to double in value within months after reaching new peaks, especially following the block reward halving. 
Galaxy Digital founder and CEO Mike Novogratz raised expectations by stating that Bitcoin would remain in a “consolidation phase” between $55,000 and $75,000 over the next month and rise towards the end of the second quarter. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353462" src="https://coin-turk.com/wp-content/uploads/2024/05/altin-bitcoin-gumus.png" alt="" width="546" height="638"> 
The performance of gold and silver highlights the growing importance of hedging against inflation, while Bitcoin has recently emerged as a significant player in this area, with its legitimacy almost unquestioned. Now fully regulated and traded on Wall Street, BTC offers a new avenue for investors seeking protection against inflation, and the results may be seen in the coming days. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/gold-and-silver-reach-new-record-levels/" data-wpel-link="internal">Gold and Silver Reach New Record Levels</a></h5>

Gold and Silver Reach New Record Levels

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