Gold Nears Record as Bitcoin Retreats Despite Macro Tailwinds

Gold continued its steady climb on Thursday, advancing another 0.8% to $3,477 per ounce — just shy of its record high of $3,534 reached earlier this month. The metal has gained nearly 4% in August, sharply outperforming bitcoin, which is down 5.2% over the same period.

Bitcoin (BTC) attempted a rally earlier in the day, briefly pushing above $113,000, but persistent selling pressure during U.S. afternoon hours sent the price lower. By late session, BTC was changing hands near $111,800, down about 0.7% over the past 24 hours. Ether (ETH) and XRP (XRP) faced steeper declines, falling 2.1% and 1.4%, respectively. Solana’s SOL (SOL) was a notable outlier, rising 3.1% in the same window.

The divergence between gold and bitcoin has become more pronounced in recent weeks. Macro factors that typically support both assets — easing U.S. interest rates and a softer dollar — have bolstered demand for bullion but failed to generate sustained buying in digital gold.

Gold’s latest rally comes after concerns over potential U.S. tariffs on Swiss gold bars briefly fueled record-setting highs earlier this month. Those fears have since faded, but investor appetite for the metal remains strong.

Looking ahead, September could prove pivotal for markets. The Federal Reserve is expected to resume rate cuts, and President Trump is preparing to nominate one or two new, likely dovish, members to the Fed. Traders are watching closely to see whether bitcoin can regain momentum or whether gold will continue to dominate as the preferred hedge in risk-sensitive portfolios.