Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage of important industry events and analyses of market-affecting developments.) regained support at $64,000 over the weekend.
“For a definitive return to bullish territory, Bitcoin would need to consistently exceed the $66,000 to $67,000 range,” they said. The analysts noted that Bitcoin’s strength over the weekend followed the return of inflows into spot Bitcoin exchange-traded funds on Friday.“U.S.-listed spot ETFs experienced their most substantial single-day inflow in over a week, pulling in $378.3 million, signaling a shift toward more positive market sentiment following Bitcoin's recovery,” they said.
- Although the Federal Reserve has been cryptic regarding the timing of its easing cycle, the central bank is firm that it is not looking to raise interest rates anymore, which should ultimately be positive for gold, according to one market strategist. – Investment bank Goldman Sachs announced on Friday that it has reached an in-principle settlement agreement to resolve an outstanding class action lawsuit filed in 2014 related to the firm’s platinum and palladium trading.
- Central bank demand continues to transform the gold market as official sector purchases increased by a net 16 tonnes in March, according to the latest data from the World Gold Council. - Today's job numbers have significantly missed expectations, indicating a potential shift in the economic landscape that might urge the Federal Reserve to reconsider its interest rate strategy and cut earlier than anticipated.
- Central bank buyers could be less sensitive to higher gold prices, said Aakash Doshi, NAM Head of Commodities Research at Citi.Markets ended the week on a bullish note as Bitcoin rallied above $62,000 while altcoins surged and stocks trended higher. Peter Brandt calls Bitcoin “the trade of a lifetime.”The gold market is spinning its wheels, caught in a stalemate, which could create some profit-taking among investors and weigh on prices in the near term.
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