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Gold jumps almost $100 in wake of Crypto Crash

Gold has skyrocketed almost $100 from $2547.07oz at the start of the month to $2642.91oz just after the ASX opened today. 

The Price peaked at $2670.84oz on Friday, after a sharp upturn. 

Northern Star Resources saw a share price increase of 8.5% to $10.24 as a result of the gold price increase. 

Evolution Mining also saw an increase on the ASX, increasing from $2.16 to $2.62. 

De Grey Mining increased from $1.12 to $1.29. 

 

The sudden increase coincides with the cryptocurrency crash when the crypto price fell from $20,846.07 on Tuesday to just $15,854.15 on Wednesday.  

 

Though cryptocurrency and gold haven’t historically been linked, the biggest fall since November 2021 might see a shift from cryptocurrency back to gold investments.  

 

It seems the jump in gold correlates with the uncertainty of the US midterm elections, held on Tuesday, which is currently tied at 48 seats each after almost a week. 

 

At the same time, New York’s Dow Jones (which sits 15 hours behind the AEDT gold price), reacted to the gold price, falling from 33,160.83 points to 32,513.9 points, before recovering again by the end of the week. The S&P/ASX 200 followed the lead of the Dow Jones, falling on Wednesday from 6,999.30 points to 6,964.00 before also rising again to finish on the monthly high of 7,158.00 points 

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