By Jesse Cohen
Investing.com – Gold and Bitcoin have been rallying side by side lately, with both charging to fresh highs.
Spot gold prices hit another record high Friday, touching $2,073.41 an ounce, before turning lower to settle at $2,035.12 by close of trade.
The yellow metal has thrived in recent months thanks to low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.
Prices of the yellow metal are up nearly 34% year-to-date.
Cryptocurrency Bitcoin, meanwhile, held above $11,000 in weekend trade.
It climbed to a one-year high of $12,061 at the start of the month, bringing its gains on the year to nearly 65% so far.
Bitcoin has sometimes been called “digital gold”, with its supporters saying it could be a good safe-haven investment that investors buy in times of uncertainty.
In contrast, the U.S. dollar has been on the backfoot lately, with the dollar index ending lower for the seventh week in a row.
It slid to 92.52 earlier in the week, its lowest since May 2018.
The rapid resurgence in U.S. Covid-19 cases combined with the huge quantities of stimulus coursing through the financial system have been weighing on the greenback, which has fallen about 3% in 2020.
To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics
Weekly Comic: Gold, Bitcoin Charge To New Highs As Dollar Tumbles
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.