Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder

Amid Civil Unrest in China, Gold and Silver Prices Hold Steady — Equity, Crypto Markets Flounder

Reports on Monday detail that the zero-Covid policy protests in China have lowered market sentiment as U.S. equity markets show the top four Wall Street indexes are struggling. The global crypto market cap is down 3.5% and getting awfully close to dropping below the $800 billion mark. Precious metal prices, on the other hand, like gold and silver have remained steady and since Nov. 3, an ounce of gold has jumped 7.06% higher in value against the U.S. dollar. Gold and Silver Hold Steady Amid Turbulent Global Economy, Precious Metals Outpace Stocks and Crypto Assets

Financial markets on Monday have been shaky as far as stocks and cryptocurrencies are concerned. Precious metals like gold and silver, however, are holding steady amid the craziness in the world.

Some reports are citing Monday’s market shake-up to the civil unrest in China over the country’s zero-Covid policies. Indexes like the Dow Jones, Nasdaq, S&P 500, and NYSE have all opened the day in the red.

Additionally, the crypto economy is close to dropping below the $800 billion zone as bitcoin (BTC) is down over 2% during the last 24 hours. Ethereum (ETH) has shed 3.82% during the last day and the entire crypto economy has lost 3.5% against the greenback.

An ounce of gold is trading for $1,744 per ounce, which is up more than 7% against the U.S. dollar since Nov. 3. On that day, a troy ounce of fine gold was exchanging hands for 1,629 nominal U.S. dollars per unit.

Silver too has gained in USD value since that day as an ounce of fine silver was under $20 per unit on Nov. 3. Today, silver is exchanging hands for 20.99 nominal U.S. dollars per unit.

Silver’s rise since that day outpaced gold’s jump in value as silver increased by 7.91% during the last 25 days. While the world watches the events in China unravel, the U.S. employment report is due this Friday.

Additionally, the U.S. Federal Reserve’s chief Jerome Powell plans to discuss the U.S. economy this Wednesday. Reports indicate that some believe Powell will reveal plans to slow down interest rate hikes.

With gold doing so well amid the macroeconomic backdrop, some believe a ‘Santa rally’ could be in the cards. So far, during the last 25 days, both precious metals (Ag, Au) are doing better than stocks and crypto assets. Tags in this story Ag, AU, Bitcoin (BTC), China, China Protests, civil unrest, crypto economy, Crypto markets, Employment Report, equity markets, Ethereum (ETH), Federal Reserve, gold, Gold & Silver, gold and silver, Gold increase, jerome powell, Jobs Report, market updates, Markets, Precious Metal Markets, Precious Metals, Protests, Protests in China, silver, silver and gold, Silver Increase, stocks

What do you think about the two precious metals’ market performances during the last month? Let us know what you think about this subject in the comments section below. Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: DOGE Down 10%, XRP Extends Declines MARKET UPDATES | 7 hours ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Start Week Lower as Bearish Sentiment Returns to Markets MARKET UPDATES | 10 hours ago

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: VladKK / Shutterstock.com Previous articleCrypto Lender Blockfi Files for Bankruptcy Protection to ‘Maximize Value for All Clients’ Next articleKevin O’Leary Reveals How He Almost Secured $8 Billion to Rescue FTX Before It Collapsed Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament

A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing