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>>Identical macro backdrop, contrasting outlook – Gold captures inflows as Bitcoin fluctuates.

Identical macro backdrop, contrasting outlook – Gold captures inflows as Bitcoin fluctuates.

crypthub

about 3 hours ago

Gold Price and Market Context

Gold is trading around $4,906 per ounce as macro desks seek convexity in the traditional hedge asset. Margin requirements for CME Comex gold futures rose to 8%, tightening leveraged exposure. JPMorgan’s note targets $6,300 per ounce by year‑end 2026, reflecting a bullish outlook.

Flow Data Driving Gold’s Rally

World Gold Council figures show global ETF holdings up 801 tonnes in 2025, the second‑strongest year on record, with a Q4 inflow of 175 tonnes. U.S. demand reached 679 tonnes, and gold‑backed ETFs hold 2,019 tonnes, roughly $280 bn in assets. Analysts cite central‑bank buying, projected at 800 tonnes in 2026, as a key catalyst.

Contrast with Bitcoin Positioning

Bitcoin sits near $72,600 after a bounce from $78,376, still about 40 % below its $126,200 peak. Unlike gold, BTC’s funding relies on liquidity‑based risk budgets, so higher margins or rising real yields prompt desks to cut Bitcoin first. Consequently, Bitcoin’s price moves as a high‑beta proxy, while gold absorbs steady allocation flows.