Demand for Gold-Backed Tokens Brings Premiums as Precious Metals Value Jumps Higher – Markets and Prices Bitcoin News - BitcoinEthereumNews.com
While stocks and cryptocurrency markets have floundered during the last week, the price of the precious metal gold has increased in value by 3.85% during the last seven days. An ounce of fine gold jumped from $1,826.92 on February 10, to $1,897.36 per ounce on February 19. Additionally, the top gold-backed crypto coins today have seen a significant increase in demand alongside premiums above the spot market price of gold. Gold Shines During Economic Uncertainty The worlds economy has been shaky and many are blaming the turmoil between Russia and Ukraine, and the possibility of war. This has caused equities markets to drop this past week and by the closing bell on Friday, all three of the top indexes remained in the red. Nasdaq closed at -168, the Dow Jones closed at -232, and NYSE was down -99 at the end of the day on Friday as well. Furthermore, cryptocurrency markets followed suit as billions of dollars have left the crypto economy as it dropped below the $2 trillion range last week to $1.88 trillion. Spot price of one Troy ounce of .999 fine gold on February 19, 2022. Today, the crypto economy has lost 3.1% in USD value during the last 24 hours