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On May 12, gold prices fell by over $100 (approximately 3%), dropping from $3,323 to just under $3,215 per ounce, while bitcoin remained stable, trading above $104,000.
Trade War De-Escalation Bane for Safe Haven Asset
Gold dropped marginally in the opening trading hours of May 12, while bitcoin reacted positively to reports that the U.S. and China had agreed to slash trade tariffs by 15%. Data showed the precious metal fell by more than $100, or approximately 3%, from $3,323 per ounce to just under $3,215 per ounce around noon.
Gold Slips as US-China Trade War Thaws; Bitcoin Holds Steady
In contrast, bitcoin, which is touted as a digital version of the yellow metal, was seemingly unchanged, trading above $104,000. Bitcoin’s rise amid a thawing of trade relations between the world’s two largest economies again highlight investors’ evolving perception of the top crypto asset.
After appearing to be correlated with traditional markets and assets, bitcoin seemingly began to buck the trend from April 20 onward. The top crypto asset has rallied even as the U.S. and China trade war showed no signs of abating. Data from Coingecko showed bitcoin first broke past the $100,000 mark around May 8 and has continued to stay above this level.
