Gold extends its rally as tech falters, gaining favor over Bitcoin.

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Gold Shines as Tech Stocks Stumble: Four-Day Rally Continues

  • Nvidia’s forecast disappoints investors
  • Bullion up 4% so far this week
  • Fed to cut rates in Dec, smaller reductions in 2025 – poll
Nov 21 (Reuters) – Spot gold rose for a fourth consecutive session on Thursday, hitting an over one-week high as safe-haven demand soared following AI bellwether Nvidia’s lackluster revenue forecast and intensifying Russia-Ukraine tensions.
Spot gold was up 0.6% at $2,666.00 per ounce by 10:27 a.m. EST (1527 GMT), while U.S. gold futures GCv1 rose 0.6% to $2,668.60.

 

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UBS Favors Gold Over Bitcoin as Hedge, Cites Lower Volatility

UBS Global Wealth Management chief investment officer Themis Themistocleous discusses the bitcoin rally and what it could mean from a portfolio investment perspective. Bitcoin is “very volatile” and other hedges “like gold” could prove to be “much more effective” and have “lower volatility,” Themistocleous tells Bloomberg Television. “It’s not an asset that we can recommend to our private clients.” (Source: Bloomberg)

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https://www.bloomberg.com/news/videos/2024-11-21/ubs-says-gold-is-better-hedge-than-bitcoin-video