GOLD CANNOT BE STOPPED. WHAT'S GOING ON? IS IT TROUBLE FOR CRYPTO CURRENCY?

The ounce Gold price reached the 2,000 level on Wednesday, November 22. The precious metal was hovering around $2,001 at press time. The XAU/USD chart briefly touched $2,000 today but quickly fell back to $1,998. It is currently experiencing a recovery again. The highest gold price this week was $2,006. The rise came after the Fed minutes meeting held on Tuesday. The US dollar's soft trading on the charts has caused the precious metal to rise sharply this month in November. The gold price has increased by approximately 18% in the last 30 trading days.

Will the Gold Price Rise to $2,100?

Some analysts predict that the gold price could reach $2,100 by the end of December or the first quarter of 2024. Institutional investors are entering the gold market amid fears of recession and market crash next year. Gold is seen as a safe haven and a hedge against inflation in times of economic crisis. As a result, the upcoming global market downturn could push gold prices higher, pushing them to new all-time highs. One analyst's forecast suggests that the gold price could rise 50% to $3,000 in 2024.

WHAT DOES IT MEAN FOR CRYPTO?

Gold has never competed with cryptocurrencies until now. Gold is preferred for long-term investors as a safe haven.

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