US inflation has turned gold and cryptocurrencies into the red.
▫ The week that started with fluctuations in the global markets, ended with a heavy decline in assets; From gold and silver to bitcoin and altcoins, everything has turned red amid fears of US inflation.
▫ World gold, which traded above $4,100 at the beginning of the week, took a downward path after the shrinking signals of Christopher Waller, a member of the Federal Reserve, and ended Friday in the range of $3,883. Silver also dropped back to $48. In the base metals market, copper was among the decliners with a drop of up to $6.1 per pound.
▫ A heavier blow hit the cryptocurrency market; Bitcoin hit a quarterly low of $67,000 with a weekly drop of 18%, and Cardano was the worst performer among popular cryptocurrencies with a 29% drop. It seems that the fear of American inflation is not only aimed at gold this time and the wave of risk aversion has spread to other markets as well.
▫ In the local market, the total index of the stock exchange dropped back to the level of 8 million and 300 thousand units. The dollar - which opened the week with a positive chat - entered the corrective path later in the trade.
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