Gold, Euro, and Bitcoin prices all down as US Dollar strengthens.

From Investing.com: 2025-02-28 02:23:00

The US Dollar’s strength led to a 1.3% drop in the price of gold. Strong US macro data, including a 2.3% growth in Q4 GDP and a 4.2% surge in consumer spending, fueled the sell-off in gold. Despite higher initial jobless claims, the positive economic indicators boosted the greenback, with XAU/USD falling. Market focus now shifts to the US Personal Consumption Expenditures (PCE) Price Index. Analysts predict a possible break in support at $2,867 per ounce for gold due to the Dollar’s bullish momentum.

The Euro lost 0.82% against the US Dollar amid concerns over US tariffs and economic uncertainty. Positive US GDP data and President Trump’s tariff announcements added to the Dollar’s strength. Investors flock to the Dollar for safety, putting pressure on EUR/USD. Market focus is on the German Ifo Business Climate and the US PCE Price Index. A drop below 1.03486 could lead to further decline in EUR/USD.

Bitcoin plummeted over 5% as fears of new tariffs triggered a risk-off rush to the US Dollar. Investors sought safety amid trade tariff concerns, causing Bitcoin to fall below $80,000. Trump’s tariff threats created uncertainty, impacting demand for risky assets like Bitcoin. BTC/USD has dropped 21% from its peak in January, with hopes for a strategic Bitcoin reserve fading. Market awaits the US PCE Price Index for potential impact on Bitcoin prices.



Read more at Investing.com: Gold Drops 1.3%, Euro Weakens, Bitcoin Plunges as US Dollar Surges