Gold Holds Firm While Bitcoin Falls Amid Strong Dollar Ahead of US Jobs Report
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Gold prices remained steady on Friday as investors awaited the US non-farm payrolls report, while Bitcoin slid amid a strengthening US dollar and rising Treasury yields.
Spot gold traded near $2,330 per ounce, showing little movement as traders balanced safe-haven demand against rising real interest rates. The metal has seen increased volatility this week, influenced by mixed economic signals and central bank commentary.
Bitcoin dropped over 4% to about $55,800, extending a recent sell-off sparked by concerns about tightening monetary policy and regulatory scrutiny in major markets including the US and Europe.
The US dollar index climbed to 107.1, its highest level in three months, driven by expectations that the Federal Reserve will maintain a cautious approach to rate cuts. Treasury yields also rose, with the 10-year note touching 4.35%, further weighing on non-yielding assets like gold and cryptocurrencies.
“Investors are preparing for a critical jobs report that could shape Fed policy for months,” said Marcus Li, commodity strategist at MarketWave. “Gold is holding up, but Bitcoin is more sensitive to shifts in risk appetite and liquidity.”
Precious metals saw mixed movements, with silver gaining slightly to $29.80 per ounce while platinum declined marginally. Meanwhile, other digital assets followed Bitcoin’s decline, reflecting broader market jitters.
Regulatory developments remain a key factor in cryptocurrency markets, as authorities continue to evaluate new rules around decentralized finance and stablecoins.
Looking ahead, the US jobs data due later today is expected to be the major market mover, potentially influencing the timing and scale of Federal Reserve rate adjustments.
Until then, investors are adopting a cautious stance amid elevated volatility across asset classes.
