Gold prices rose on Thursday as the dollar advanced against most major rivals amid mounting geopolitical tensions in the Middle East. 

Earlier US data showed unemployment claims stabilized at just 212 thousand last week.

Otherwise, IMF Director Christalina Georgiva said to Bloomberg she still sees a possibility of a Fed interest rate cut this year, however she supported the Fed’s decision to hold off rate cuts for the time being. 

Otherwise, the dollar index rose 0.2% as of 18:48 GMT to 106.1, with a session-high at 106.1, and a low at 105.7. 

Gold spot prices rose 0.4%, or $9.7 as of 18:48 GMT to $3398.1 an ounce. 

US stock indices stabilized on Thursday following strong data that showed the Fed won’t be pressured any time soon to cut interest rates.

Earlier US data showed unemployment claims stabilized at just 212 thousand last week.

Otherwise, IMF Director Christalina Georgiva said to Bloomberg she still sees a possibility of a Fed interest rate cut this year, however she supported the Fed’s decision to hold off rate cuts for the time being. 

On trading, Dow Jones rose 0.1%, or 10 points as of 17:16 GMT to 37,763, while S&P 500 fell 0.1%, or 6 points to 5016, as NASDAQ declined 0.2%, or 36 points to 15,640. 

Bitcoin gained ground on Thursday and held above the psychological level of $60,00 away from recent six-week lows amid active short-covering. 

Despite the recent correction, bitcoin has become more dominant in the cryptocurrency market as investors shun riskier currencies. 

A recent slowdown in US 10-year treasury yields also offered additional support and sentiment in favor of cryptocurrencies.

The Price 

Bitcoin rallied 2.9% at Bitstamp today, or by $1790 to $63,046, with a session-low at $60,830. 

Bitcoin lost 4% on Wednesday, the second loss in three days, plumbing six-week lows at $59,672 as Wall Street markets tumbled. 

Cryptocurrency Market Value 

The market value of cryptocurrencies rallied by $20 billion today to over $2.375 trillion as bitcoin and ethereum gained ground.

Bitcoin’s Dominance 

As AI-linked cryptocurrencies tumbled in recent weeks, bitcoin gained more dominance with market share rising to 55%. 

Bitcoin’s market share rose by 1.35% last week, and by 2.5% in March following a flux of new investments. 

Bitcoin’s Halving 

In the pre-halving period, Google interest in bitcoin surged to record highs, passing its previous halving event in 2020 by a wide margin. 

US Yields 

US 10-year treasury yields fell 0.65% away from recent five-month highs at 4.696%, underpinning non-yielding assets. 

The developments come as markets await more clues on the future of US interest rates this year. 

Bitcoin’s Forecasts

Cypto.com’s CEO expects a selloff wave for the cryptocurrency as it approaches the halving event, however, in the long term, the event is expected to make a difference and carry positive value for the cryptocurrency market. 

Gold prices rose in European trade on Thursday, resuming gains and moving once again towards record highs. 

The current slowdown in US 10-year treasury yields provided support for non-yielding gold futures, while haven demand underpinned the precious metal as well. 

Prices

Gold prices rose 0.85% to $2381 an ounce, with a session-low at $2370.

Prices lost 0.9% on Wednesday, the second loss in a row on profit-taking off record highs at $2431. 

US Yields 

US 10-year treasury yields fell 0.65% away from recent five-month highs at 4.696%, underpinning non-yielding assets. 

The developments come as markets await more clues on the future of US interest rates this year. 

Fed officials are now more cautious about discussing the timing of the first interest rate cut, with Fed Chair Jerome Powell hinting this week that interest rates could remain high for longer than expected. 

US Rates

The odds of a Federal Reserve interest rate cut in June fell to 15%, while the odds of such a cut in July fell to 41%. 

Now traders await barely two 0.25% interest rate cuts this year by the Fed instead of three rate cuts as previously expected. 

 The SPDR

Gold holdings at the SPDR Gold Trust fell 2.59 tonnes yesterday to a total of 827.59 tonnes, the lowest in a week.