Gold holds near $4,050 as equities diverge, oil falls - Kitco PM Report - KITCO
Source: KITCO
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DW NOTE
Gold at $4,058 is down 24% from its January peak of $5,318 — the metal has lost half a trillion dollars in market value while the Strait of Hormuz has been closed for 148 days. Either the price in January was pure panic, or the market now believes the largest oil supply disruption in history no longer matters.
Oil prices hit the $100 per barrel mark early on Wednesday in Asian trade as the ongoing crisis in the Middle East has diminished hopes of U.S.-Iran talks and a return to normal oil flows soon. As of early morning trade in Europe on Wednesday, the international benchmark, Brent Crude, jumped by 2.2
Bitcoin advanced to as high as $79,700 while Brent crude topped $100 and European shares fell, leaving crypto tracking gold rather than equities.
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