Gold Rises, Bitcoin Soars Above $22000 Mark

18 Jul 2022 , 12:48 PM

Gold rose today, breaking well above $1700 per ounce mark but gains were capped as the sharp rally in Bitcoin weighed on the metal. Bitcoin futures soared more than 4% to hit above $22000 mark. The commodity currently trades up 0.49% at $1712 per ounce. Gold has gone up despite firm cues from the US dollar as markets eyed bargain buying after the recent spate of losses. A drop in local Gold prices under Rs 50000 per 10 grams also boosted the appetite for futures buyers. However, with the Bitcoin values jumping well above $20000 mark, there is a likelihood that the yellow metal may find it difficult to sustain at elevated levels. The rising equities are also likely to cap the upside for the metal.Powered by Commodity Insights