November 2022 was a lousy time for the Crypto sector when it was hit by the FTX collapse, which eroded the values of most crypto assets. However, Gold has jumped 6.12% since November 1, 2022. Experts predict that Gold will continue its onward march and will touch $4,721 per ounce by 2024, and by 2030, traders think the metal will feel $8,732 per ounce.
Most analysts believe that Bitcoin is staring at a bearish sentiment soon. The number 1crypto asset is bleeding at over 18% lower compared to the beginning of November this year.
On the other hand, Gold is growing phenomenally and has surged by 6.12% higher compared to the beginning of this November. In November, a troy of Gold was changing hands at $1,647.50. Today the same quantity of Gold is available at $1,748.49 per unit.
The surge in gold prices started on November 1 before it tanked but started surging after the U.S. Bureau of Labor Statistics released October’s consumer price index. The cost of Gold rose 3.81% against the U.S. dollar from November 10 to November 13.
Frank Cholly’s Take On The Precious Metal, Gold
Frank Cholly, a senior market strategist at RJO Futures, feels that the precious metal has surged in haste and is now making amends.
“Gold is now about to touch $1,800. And now, the market is witnessing some profit-making. It does seem to be turned upside down. I am not prepared to get slumping till now. Also, we are taking a break. If the precious metal does not go up from $1,750 then I will start to get hopeless, and at $1,725, things will be unpleasant for gold”.
In sharp contrast, BTC supporters who are betting on the number one crypto asset are negating the event to support Bitcoin prices; gold buffs contend that Gold will touch a bar of $4,721 per ounce by 2024, and by 2030, the traders think the metal will touch $8,732 per ounce.