Gold Reaches Record Peak as Bitcoin Surges to September High Exceeding 64K

The price of gold has reached its highest-ever level following a United States Federal Reserve interest rates cut, and crypto analysts are now sharing their predictions on when Bitcoin could follow suit.
According to GoldPrice.org, the price of gold hit a record high of $2,629 per ounce on Sept. 23, following a
gain
of more than 5% over the past fortnight.
The
commodity’s big move
follows the Fed interest rate cut of 0.5% on Wednesday, Sept. 18, which provided a tailwind for the metal.
A reduction in interest rates makes assets with returns tied to the Fed-set rates, such as short-term government bonds, less attractive, with
inflation hedges
like gold becoming a popular diversification option.


Gold price over the last month. Source: goldprice.org
Global geopolitical risks, such as the ongoing wars between Russia and Ukraine, Israel and Hamas, and the upcoming US presidential election in November, have also boosted the appetite for gold investments.
Additionally, the volume of global central bank purchases of gold has tripled since Russia invaded Ukraine in early 2022,
according
to a Sept. 12 Goldman Sachs report.
Researchers at the Wall Street investment bank predicted that gold prices will reach $2,700 by early 2025,
buoyed by further Fed rate cuts
.
However, according to Peter Boockvar, chief investment officer at Bleakley Financial Group, gold still has not topped its inflation-adjusted
price
, which peaked at $3,200 in 1980.
Nevertheless,
gold bug Peter Schiff couldn’t resist
taking a dig at digital assets in a post on X on Sept. 23.
“Gold just hit another record high, but few investors notice or care,” he said,
adding
:
Bitcoin (
BTC
), which is often referred to as digital gold, has also been rising, with an 8.5% price climb since the Fed’s rate decision.
The asset reached an intraday and four-week high of $64,660 during early trading on Sept. 23, according to CoinGecko.


BTC/USD over the past month. Source: TradingView
Related:
Central banks buying gold at record levels, but Bitcoin still outperforms
In a note to investors on Sept. 22, 10x Research founder and CEO Markus Thielen
said
, “The likelihood of a major breakout increases as we near the pivotal October-to-March window” before predicting a new
all-time high
before the end of 2024.
Magazine:
Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest