Bitcoin fell around 2% but still outperformed precious metals as a surge in oil prices and hawkish messaging from the Federal Reserve pushed markets into a risk-off stance.

gold and silver posted steeper losses, with gold declining about 2% since midnight UTC—roughly twice the drop seen in Bitcoin. The divergence lifted the BTC-to-gold ratio by करीब 1% over the past day, meaning one bitcoin now buys close to 15 ounces of gold.

Gold’s pullback comes after a strong run earlier this year. The metal had surged nearly 90% over the past 12 months and reached record highs before geopolitical tensions in the Middle East escalated, leaving it overbought and vulnerable to correction.

Since the conflict began, Bitcoin and gold have moved in different directions. Bitcoin, often dubbed “digital gold,” had previously dropped around 50% since October, leaving it oversold, but has since rebounded and emerged as one of the better-performing assets outside the energy sector. Meanwhile, gold has fallen roughly 17% from its January peak, edging toward bear-market territory.

The macro backdrop has added further pressure. The Fed’s latest policy signals struck a more hawkish tone, pushing back against expectations for imminent rate cuts and tightening financial conditions.

Risk assets have reacted negatively. U.S. equities traded lower in premarket hours, with the Invesco QQQ Trust slipping about 0.5%. Crypto-related equities also declined, including MicroStrategy, Galaxy Digital, and Coinbase.

Meanwhile, escalating tensions involving Iran pushed Brent crude up more than 6% over the past 24 hours to around $117 per barrel. The spread between Brent and West Texas Intermediate has widened to its largest level since 2013, pointing to supply disruptions and logistical constraints that could fuel inflation and further complicate the outlook for central banks.