Gold prices are nearing all-time highs as tensions in the Middle East rise, but analysts expect Bitcoin to fall short as investors seek traditional safe havens.
According to TradingView data, gold prices surged to $3,450, nearing an all-time high above $3,500 in April.
The usually slow-moving precious metal has gained around 30% since the start of the year. The surge was driven by a combination of factors including trade tariffs by US President Donald Trump and increased military activity in the Middle East.
The rise in gold prices has also been linked to inflationary pressures, as the precious metal is often seen as a safe haven and hedge against inflation among global investors.
In comparison, Bitcoin (BTC) has gained around 13% so far this year, much slower than gold.
The cryptocurrency has also been toying around all-time highs, currently trading about 5.3% below the record high of $111,800 reached on May 22.
However, according to IG Markets analyst Tony Sycamore, Bitcoin is still seen as a high-risk asset that moves in line with US stocks rather than a safe-haven asset like gold.
In a statement to Cointelegraph, he stressed that Bitcoin’s price movements show a high sensitivity to global market sentiment, a characteristic that differs from gold’s traditional role in periods of uncertainty.
