Gold reaches record high while Bitcoin surges above 64K reaching its highest level in a month

The price of gold has reached its highest-ever level following a United States central bank interest cut, and crypto analysts are now sharing their predictions on when Bitcoin could follow suit.
According to GoldPrice.org, the price of gold hit a record high of $2,629 per ounce on Sept. 23, following a
gain
of more than 5% over the past fortnight.
The
commodity’s big move
follows a Federal Reserve interest rate cut of 0.5% on Wednesday, Sept. 18, which provided a tailwind for the metal.
A reduction in interest rates makes assets with returns tied to the Fed-set rates, such as short-term government bonds, less attractive, and
inflation hedges
, such as gold, a popular diversification option.


Gold price over the last month. Source: goldprice.org
Global geopolitical risks, such as the ongoing wars between Russia and Ukraine, Israel and Hamas, and an upcoming US election in November, have also boosted the appetite for gold investments.
Additionally, the volume of global central bank purchases of gold has tripled since Russia invaded Ukraine in early 2022, according to a Sept. 12 Goldman Sachs
report
.
Researchers at the Wall Street investment bank predicted that gold prices will reach $2,700 by early next year, buoyed by further Fed
rate cuts
.
However, according to Peter Boockvar, chief investment officer at Bleakley Financial Group, gold still has not topped its inflation-adjusted
price,
which peaked at $3,200 in 1980.
Nevertheless,
gold bug
Peter Schiff couldn’t resist taking a dig at digital assets in a post on X on Sept. 23.
“Gold just hit another record high, but few investors notice or care,” he said before
adding
:
Bitcoin (
BTC
), often referred to as digital gold, has also been rising, with an 8.5% rise since the Fed rate decision.
The asset reached an intraday and four-week high of $64,660 during early trading on Sept. 23, according to CoinGecko.


BTC/USD over the past month. Source: Tradingview
Related:
Central banks buying gold at record levels, but Bitcoin still outperforms
In a note to investors on Sept. 22, 10x Research founder and CEO Markus Thielen
said
“The likelihood of a major breakout increases as we near the pivotal October-to-March window,” before predicting a new
all-time high
before the end of this year.
Magazine:
Trump buys burgers with BTC, Arthur Hayes skeptical on rate cut, and more: Hodler’s Digest