Gold price is at its highest in the last four months after crypto collapse

The gold price recovered after the crypto market crash last week.

According to Marketwatch data, gold continued to increase in value on Tuesday and rose to $ 1,887.

Gold fell to $ 1,681 at the beginning of March, reaching $ 1,889 last week, the highest level since January 8. Spot gold, which gained 0.1 percent in the last 24 hours, is being traded at $ 1,883 as of the translation broadcast time.

Spot gold’s intraday chart. Source: TradingView

While the gold market is gaining in value, the cryptocurrency market has entered a major downward trend since May 12. The crypto market, which reached up to $ 2.5 trillion in value, fell below $ 1.3 trillion on May 23, according to CoinMarketCap data.

Total value of the crypto market, 30-day chart. Source: CoinMarketCap

Bob Haberkorn, senior market strategist at brokerage firm RJO Futures, said the weaker dollar and lower returns on US government bonds could be behind the rise in gold price.

JPMorgan experts also said last week that major institutional investors abandoned Bitcoin and turned to gold.

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