Market news - Gold -backed cryptocurrencies reached the highest level in three years with 80 million dollars last month, which prompted the maximum of the sector market to $ 1.43 billion.
- The investment funds circulated as the basic demand drivers emerged, compensation for the decrease in the central bank acquisitions and reflect the advanced investor preferences.
The gold investment market has witnessed major changes because gold -backed cryptocurrencies showed the highest exit volume in three years. However, central banks buy less than gold. The valuable mineral market shows the change of investor’s behavior due to the current standard gold prices.
Digital gold acquires momentum with the development of institutional demand
Latter Data It indicates that gold -backed currency symbols witnessed exceptional growth during the previous month by generating advantages of more than 80 million dollars. The market value of the sector reached 1.43 billion dollars after an increase of 6 %, as the monthly transfer volume increased by 77 % to $ 1.27 billion.
The expansion of the digital gold market occurs during the strongest first quarter of the gold demand in general. Since 2016, it has reached 1,206 tons on the basis World Gold Council Data. The demand for investment increased to 552 tons in the current period, while the central bank acquisitions decreased to 244 tons of its previous level of 365 tons.
The circulating investment funds have become the main force behind the demand for the market. The average price of semester gold has paid to reach its highest level at $ 2860 an ounce with an increase of 38 % compared to last year. The instant gold price is $ 3,240 after a decrease in the price of 2.35 % last week with a 23.5 % increase in 2020.
The epidemic has caused a decrease in the traditional jewelry market to its lowest level since the outbreak of Covid-19. The bar and material currency market shows a strong demand in China, while retail investors maintain their attention, which supports institutional transformation towards gold.
The shift is a democratic development of gold investment because digital symbols provide both access and flexibility in trading that supports material property. Global inflation fears continue to attract investors who want the diversity of the wallet and protect the value through traditional gold investments and the distinctive symbol through a group of digital financial market products.
The news of the encryption was highlighted today:
Reports discover that the net value of the Trump family grows by $ 2.9 billion of encryption investments,
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