Cryptocurrencies backed by Gold have had a lower performance during the week, since the price of precious metal saw a significant fall after increasing more than 10% so far this year. The decrease occurred when speculation around Trump rates is a negotiation tool.
The sheets backed by gold, including Paxos Gold (Paxg) and Tether Gold (Xaut), have decreased approximately 1% during the past week to operate around $ 2,900, while the broader cryptographic market was recovered. The Coendesk 20 index increased 5.7% during the same period, and the Marketvector 100 broader (MVDA) digital asset index increased 3.4%.
The beautiful metal saw its price fall in the middle of the growing speculation that the new tariffs threatened by the president of the United States, Donald Trump, are destined to be a negotiation tool. This reached the price of safe assets, including the American product and dollar.
Trump announced that reciprocal tariffs were on the table to coincide with the rate imposed by other countries on imports from the United States. Reciprocal tariffs could take months to be implemented, which leads to speculate that they are destined to allow the United States to negotiate with other countries.
However, according to a recent report by Morgan Stanley, the recent Gold fall could still present an “opportunity for those looking for hedges” amid global reflection, geopolitical tensions and the growing fiscal expense. Wall Street giants have recently raised their gold prices forecasts, which would also help the price of gold assets backed by gold, since they are backed by billets stored in vaults.
CITI strategists recently raised their short -term gold price objective at $ 3,000 and their average forecast for the year at $ 2,900. Meanwhile, UBS has uploaded its gold target from 12 months to $ 3,000 per ounce.
