Celina Jade
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Celina Jade in Markets at a glance,

Bitcoin may be staging the biggest challenge yet to gold and silver


Is bitcoin knocking some of the shine off gold?

Bitcoin’s break above $7,300 on Thursday comes as gold futures have made curious moves, mostly trading sideways, despite weakness in the currency that underpins it—the U.S. dollar—and a downturn in bond yields. That raises a key question: Is the world’s No. 1 digital currency luring away traditional investors in gold, which boasts an unrivaled history as a store of value.

Some commodity experts think there may be some merit to that idea—at least in the near term.

“Bitcoin is preventing gold prices from a rise,” Chintan Karnani, chief market analyst at Insignia Consultants in New Delhi told MarketWatch.

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