Gold, bitcoin pull back from records as US stock markets slip

Road To Literacy Trolley Library.
NEW YORK – Gold prices and bitcoin hit all-time highs before paring some gains, while a sell-off in some tech stocks led to a slump in many stock markets around the world.
On Wall Street, the Dow and the S&P 500 both finished 1.0 percent lower, while the tech-rich Nasdaq composite ended the day down 1.7 percent, pulled down by firms including Apple and Tesla.
Despite the gloomy trading day in New York, US stock indices are still up sharply on the year.
Kurt Spieler, chief investment officer at FNBO, told AFP he thinks US markets can still climb slightly higher in the short term, but added: “I think we’re getting closer to the end of the momentum run.”
Gold on Tuesday hit a new record of $2,140 an ounce in early trading, before giving up some of its gains to trade close to $2,128 at around 4:30pm local time (2130 GMT).
The precious metal, whose twin drivers are jewelery and investment buying, has now gained about 15 percent in value since the same stage last year.
“Concerns surrounding global economic prospects, geopolitical tensions, and shifting expectations towards earlier interest rate cuts have fuelled increased demand for the precious metal,” said ActivTrades analyst Ricardo Evangelista.
Among digital assets, bitcoin briefly hit a record high above $69,000 — beating a record of $68,991 struck in November 2021 — buoyed by the world’s biggest cryptocurrency becoming more accessible for trading amid tight supplies.
However, bitcoin then plummeted by as much as 10 percent, to trade closer to $63,700 at around 2130 GMT.