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Gold Reaches All-Time High and Bitcoin Surpasses $40,000 in Early Asian Trading

(Bloomberg) — Gold prices soared to a new record high and Bitcoin surpassed the $40,000 mark during early Asian trading. This surge occurred despite Federal Reserve Chair Jerome Powell’s reminder that policymakers are not in a rush to ease interest rates.

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Market Movements

The price of gold jumped by as much as 3.1% to $2,135.39 per ounce while Bitcoin climbed 1% amidst a weakening US dollar. Asian shares showed a mixed response, with Australian stocks rising along with US peers, while Japanese equities declined. Meanwhile, US equity futures remained stable.

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Predictions and Analysis

Kyle Rodda, a senior market analyst at Capital.com in Melbourne, stated, “Markets are piling in on the rate cut bets. Gold can run higher and will do so at the earliest sign of a recession.”

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Federal Reserve Policies

US stocks and bonds experienced a rally after Powell’s comments, indicating that the central bank is prepared to hike rates further if necessary. This led to a decline in the US dollar and a decrease in two-year Treasury yields, with traders increasingly betting on a Fed rate cut in March.

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Consumer Spending and Economic Indicators

Recent data suggests that US households are beginning to economize after a period of increased spending, with certain elements of the economy showing signs of contraction. Additionally, US factory activity continued to decline, highlighting the impact of high interest rates on the goods-producing sector.

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Global Events and Economic Data

Key events this week include data releases pertaining to Chinese inflation, Australian growth, and US non-farm payrolls. Additionally, the Reserve Bank of Australia is expected to express a hawkish stance regarding inflation and its potential impact on interest rates.

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Market Performance

Stocks and currencies exhibited varied movements, with several markets experiencing fluctuations in response to global economic events and policy announcements. Oil prices rose amidst geopolitical tensions in the Middle East.

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This content was supported by Bloomberg Automation.

–Assisted by Michael G. Wilson.

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