Gold

Bitcoin

The price of gold has reached its highest-ever level following a United States Federal Reserve interest rates cut, and crypto analysts are now sharing their predictions on when Bitcoin could follow suit.
According to GoldPrice.org, the price of gold hit a record high of $2,629 per ounce on Sept. 23, following a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-stumbles-gold-price-hits-2-5-k-first-time-ever" rel="null" target="null" text="null" title="null">gain</a> of more than 5% over the past fortnight.&nbsp;
The&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/commodities-vs-securities" rel="null" target="null" text="null" title="null">commodity’s big move</a>&nbsp;follows the Fed interest rate cut of 0.5% on Wednesday, Sept. 18, which provided a tailwind for the metal.
A reduction in interest rates makes assets with returns tied to the Fed-set rates, such as short-term government bonds, less attractive, with <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/cryptocurrency-as-a-hedge" rel="null" target="null" text="null" title="null">inflation hedges</a> like gold becoming a popular diversification option.
<figure>
 <img alt="Gold hits new all-time high as Bitcoin rallies to September high above $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01921d77-f331-7462-8cc6-07cd38d559c1">
 <figcaption style="text-align: center;">
 Gold price over the last month. Source: goldprice.org
 </figcaption>
</figure>
Global geopolitical risks, such as the ongoing wars between Russia and Ukraine, Israel and Hamas, and the upcoming US presidential election in November, have also boosted the appetite for gold investments.&nbsp;
Additionally, the volume of global central bank purchases of gold has tripled since Russia invaded Ukraine in early 2022, <a data-ct-non-breakable="null" href="https://www.goldmansachs.com/insights/articles/gold-prices-forecast-to-climb-to-record-high" rel="nofollow noopener" target="_blank" text="null" title="https://www.goldmansachs.com/insights/articles/gold-prices-forecast-to-climb-to-record-high">according</a> to a Sept. 12 Goldman Sachs report.&nbsp;
Researchers at the Wall Street investment bank predicted that gold prices will reach $2,700 by early 2025, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fed-rate-cut-politically-motivated-increase-inflation-arthur-hayes" rel="" target="_self" text="null" title="https://cointelegraph.com/news/fed-rate-cut-politically-motivated-increase-inflation-arthur-hayes">buoyed by further Fed rate cuts</a>.
However, according to Peter Boockvar, chief investment officer at Bleakley Financial Group, gold still has not topped its inflation-adjusted&nbsp;<a data-ct-non-breakable="null" href="https://goldprice.org/inflation-adjusted-gold-price.html" rel="null" target="null" text="null" title="null">price</a>, which peaked at $3,200 in 1980.
Nevertheless, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/gold-investors-mock-bitcoin-as-metal-hits-all-time-high" rel="" target="_self" text="null" title="https://cointelegraph.com/news/gold-investors-mock-bitcoin-as-metal-hits-all-time-high">gold bug Peter Schiff couldn’t resist</a> taking a dig at digital assets in a post on X on Sept. 23. 
“Gold just hit another record high, but few investors notice or care,” he said, <a data-ct-non-breakable="null" href="https://x.com/PeterSchiff/status/1838054295863791807" rel="null" target="null" text="null" title="null">adding</a>:&nbsp;&nbsp;
<blockquote>
 “With so much attention focused on Bitcoin, investors are not only missing out on gold’s gains but the significance of the rise.”
</blockquote>
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>), which is often referred to as digital gold, has also been rising, with an 8.5% price climb since the Fed’s rate decision.&nbsp;
The asset reached an intraday and four-week high of $64,660 during early trading on Sept. 23, according to CoinGecko.&nbsp;
<figure>
 <img alt="Gold hits new all-time high as Bitcoin rallies to September high above $64K" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01921d78-ac51-7e54-addc-f433aec0b4b2">
 <figcaption style="text-align: center;">
 BTC/USD over the past month. Source: TradingView
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/central-banks-buying-gold-record-levels-2024" rel="null" target="null" text="null" title="null">Central banks buying gold at record levels, but Bitcoin still outperforms</a>
In a note to investors on Sept. 22, 10x Research founder and CEO Markus Thielen <a data-ct-non-breakable="null" href="https://mail.10xresearch.co/p/bitcoin-set-to-smash-new-all-time-highs-in-q4-2024" rel="null" target="null" text="null" title="null">said</a>, “The likelihood of a major breakout increases as we near the pivotal October-to-March window” before predicting a new <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-weekly-rsi-immediate-85k-btc-price" rel="null" target="null" text="null" title="null">all-time high</a> before the end of 2024.&nbsp;&nbsp;
<blockquote>
 “Bitcoin’s 2024 performance has once again followed its seasonal pattern— just as it did in 2023. This is why traders should anticipate a major breakout, potentially reaching new all-time highs in Q4 2024.”
</blockquote>
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/donald-trump-bitcoin-burgers-arthur-hayes-fed-rate-cut-hodlers-digest/" rel="null" target="null" text="null" title="null">Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest</a>

Gold hits new all-time high as Bitcoin rallies to September high above $64K

Cointelegraph

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