Gold up, stocks falter and Bitcoin struggles above key level- Market update
- US stocks closed lower with the Dow Jones Industrial Average shedding 171 points or -0.49%
- Gold up as Bitcoin holds above $42k
- Crude oil was also up, ticking higher by almost 2% to $94.8 per barrel.
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Globals stocks closed mostly in red, with tensions around Russia-Ukraine contributing to the declines amid investor concerns.
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Gold jumped to $1,873 per ounce to refresh recent highs but Bitcoin struggled amid the sell-off in equities as bulls looked to hold above $42,000.
US stocks closed lower with the Dow Jones Industrial Average shedding 171 points or -0.49% while the S&P 500 closed at -0.38% and the Nasdaq fell under a point to see all three major indices pare earlier gains.
Asia and European stocks also fell Monday as investor sentiment took on a risk-off angle amid high tensions around the Russia-Ukraine issue. The market was still gripped by fears around how aggressive the US Federal Reserve is going to be in the wake of last week’s hotter than expected inflation data.
In the European market, the pan-European Stoxx 600 Index ended 1.83% lower while Britain’s FTSE 100 closed 1.69% lower. The German DAX recouped some of the intraday losses to end the day 2.02% down. Meanwhile, the French CAC closed 2.27% down.
Russia’s stock market index fluctuated heavily on the day, with intraday losses inching as high as 5% before bulls rallied in late trading to close at -1.84%.
In Asia, Japan’s Nikkei fell 2.23% while markets in China and Hong Kong ended lower. South Korea and Australian shares closed unchanged.
Gold up as Bitcoin holds above $42k
As equities struggled amid the Russia-Ukraine crisis, gold prices shot up. Monday’s gains came as investors looked to safe-haven assets, with spot gold hitting highs of $1,873.7 per ounce after a 1.72% upsurge.
Gold prices are likely to continue higher if the Russia-Ukraine crisis picks up a fresh twist for the worst. The key target for bulls would be $1,900 per ounce and potentially $2,000 in the short term.
Crude oil was also up, ticking higher by almost 2% to $94.8 per barrel.
Elsewhere, Bitcoin was holding above $42,200 after recovering from an intraday dip to lows of $41,715. Analysts have pointed to the range around $38k-$43k as key to Bitcoin’s bullish case, with another slip below the support zone likely to see a retest of year-to-date lows near $33,000
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