Gold Rises As Global Stocks Plunge and Bitcoin Crashes 70%
By: GoldCore
GoldSeek.com
Tuesday, 6 February 2018
– Gold gains 0.6% in USD and surges 1.7% in euros and pounds
– European stocks fall more than 3% at the open after sharp falls in Asia
– DJIA falls 1,175 points, S&P 500 down 4.1% and Nikkei plummets 4.7%
– Gold rises from $1,330 to $1,342, £942 to £960 and €1,067 to €1,085 /oz
– Bitcoin crashes another 10% and has now plummeted by 70% to below $6,000
– Increased risk aversion will drive safe haven demand for gold as its hedging properties are appreciated again
Gold prices rose today in all major currencies as a rout in global equities prompted investors to seek shelter in safe haven gold.
Spot gold prices were up 0.4 percent to $1,345.00 per ounce this morning in early European trading following Monday’s 0.6 percent gain in dollar terms. Gold saw larger gains in euros, sterling and other currencies as the dollar bounced back after a recent pronounced weakness.
Bitcoin plummeted for a fifth day, dropping below $6,000 and leading other digital tokens lower. A backlash by banks and government regulators against cryptocurrencies is impacting already fragile sentiment due to recent sharp falls.
Yesterday, bitcoin tumbled as much as 22 percent to $6,579. It has lost 70 percent of its value from a record high $19,511 in December. Other crypto currencies also fell sharply on Monday, with Ripple losing as much as 21 percent and Ethereum and Litecoin also weaker – down 16% and 13% respectively.
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