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Market Update: Gold Posts Longest Winning Streak Since July
Gold climbed above the $1,880 level an ounce on Friday, extending gains for the seventh straight session, its longest winning streak since July 2020, amid general dollar weakness and falling Treasury yields. The precious metal has played a crucial role as an inflation-hedging asset as investors moved to price in a roaring comeback for the US economy and increased price pressures. Given the above and the fact that investors are ditching bitcoin in favour of gold, we could expect further upside in the short term. Bullion rallied more than 2% this week and so far is up more than 6% in May. [/s2If]
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