Gold retreats, Bitcoin follows the stock market .

By Salihhhh | Digital-currencies-Salihhhh | 6 May 2023

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The spot price of gold hit an all-time high earlier this week after the Federal Reserve raised interest rates. According to today's report, the price of gold fell back from its historical records, it seems that traders have held back a little after taking recent profits. Markets are currently awaiting key US labor force data, which is widely expected to play a role in the country's future monetary policy.

Safe-haven demand for the yellow metal has been bolstered by continued concerns over the US banking crisis following the collapse of First Republic Bank earlier this week. Gold was flat at around $2,049.89 an ounce late Friday after hitting a record high of $2,080.72 yesterday.

Following Bitcoin from stocks

Bitcoin (BTC) fell below $29,000 around the opening of Wall Street on May 4. The US stock index fell again due to the banking crisis. Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD lost ground as the S&P 500 fell 0.7% and experienced little volatility like the stock market.

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