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4h ago

Gold Logs Biggest Weekly Jump Since 2020 as Bitcoin Slumps on Heavy Outflows

Traders now look to the late-October Fed meeting as the next catalyst for both markets.

Bill Gross in New York on June 8, 2017.
Gold futures dropped more than 1% to around $4,260 an ounce after hitting an intraday high of $4,380.
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Overview

  • Gold set fresh intraday records above $4,370 per ounce this week and still closed up about 7% for its strongest week since 2020 after a sharp Friday pullback following the tariff rollback.
  • The surge has been fueled by central-bank accumulation and record ETF inflows, with Wall Street lifting targets including BofA at $6,000 by mid-2026, Goldman Sachs at $4,900 next year, and JPMorgan at $6,000 by 2029.
  • Bitcoin has fallen roughly 17% from its Oct. 7 peak to about $104,000–$107,000, with renewed trade tensions and regional bank worries cited in the latest leg lower.
  • Market flows show heavy selling pressure in crypto: miners reportedly moved about 51,000 BTC to exchanges last week, spot ETFs recorded hundreds of millions of dollars in outflows, and Binance’s taker buy ratio slid near 0.47.
  • Opinion is split on what comes next, as Arthur Hayes frames the drop as a buying opportunity while Andrew Tate predicts a potential plunge to $26,000, and several analysts flag near-term consolidation risk for gold.