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Bitcoin Remains Under Pressure as Gold Quietly Targets New Record High
Gold climbed nearly another 1% on Thursday to just below $3,500 per ounce.
Updated Aug 28, 2025, 8:27 p.m. Published Aug 28, 2025, 8:26 p.m.
What to know:
- An early rally for crypto on Thursday was snuffed out by the U.S. afternoon hours.
- At the same time, gold continued its rise, climbing very close to a new record high.
- Macro factors giving a boost to gold in recent weeks aren't having the same effect on bitcoin.
An attempted rally in crypto earlier on Thursday was met by steady selling throughout the U.S. afternoon hours.
After rising above $113,000 level at one point, bitcoin retreated to $111,800 late in the session, down about 0.7% over the past 24 hours. The selling in ether and was a bit more sizable, with those tokens lower by 2.1% and 1.4%, respectively.
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Outperforming among the majors was Solana's SOL , which rose 3.1% over the past day.
Quietly on the rise even as bitcoin struggled mightily over the past two weeks is gold. The yellow metal was higher by another 0.8% on Thursday to $3,477 per ounce.
For the month of August, gold's outperformance is even more stark — a rise of nearly 4% as bitcoin slid 5.2%.
At $3,477, gold now sits only a few dollars below its record high of $3,534 hit earlier this month on fears (now allayed) that Swiss gold bars would fall under punitive White House tariffs against Switzerland.
For whatever reason, the macro developments — lower interest rates and weaker U.S. dollar — giving a boost to gold over the past weeks are failing to ignite a bid for digital gold, aka bitcoin.
On tap for September appears to be the resumption of Federal Reserve rate cuts and one or possibly two new (likely dovish) Fed members appointed by President Trump. The year's final four months could get interesting.
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Federal Reserve Cuts Rates 25 Basis Points, With Two Members Voting for Steady Policy
The anticipated move comes as policymakers are still operating without several key economic data releases that remain delayed or suspended due to the U.S. government shutdown.
What to know:
- As expected, the Federal Reserve trimmed its benchmark fed funds rate range by 25 basis points on Wednesday afternoon.
- Today's cut is notable given the unusually large amount of public dissension among Fed members for further monetary ease.
- Two Fed members dissented from the rate cut, preferring instead to hold rates steady, while one member voted for a 50 basis point rate cut.
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