According to data released by the cryptocurrency management company CoinShares on Monday, as of June 4, both the Bitcoin fund and the Bitcoin currency themselves have recorded significant net outflows of funds. According to CoinShares, the outflow of funds can be as high as US$141 million, which is equivalent to 8.3% of the total inflow into this market this year. The above news brought a lot of pressure on Bitcoin prices on Monday. The decline of Bitcoin once drove the price of gold back to the $1,900 level.
On Tuesday (June 8), the price of gold fell as the yield on the 10-year US Treasury fell by 4 basis points to 1.531%. In addition, the World Bank stated in its semi-annual Global Economic Outlook report that global gross domestic product (GDP) will grow by 5.6% this year, higher than the 4.1% forecast in January. This is mainly due to the growth of 6.8% in the United States and 8.5% in China. The World Bank revised its historical data to reflect the updated GDP weight. After the news came, spot gold fell 20 US dollars in a short-term, and the refresh day was as low as 1883.64 US dollars. The price of gold closed at US$1,892.75/ounce, down US$6.20 or 0.33%. It hit a high of US$1,903.73/ounce during the intraday session, but was subsequently suppressed by huge amounts of funds and refreshed to a daily low of US$1,883.64/ounce.
Service relating to Over-the-counter (OTC) Gold Bullion/Silver trading is provided by MOL. OTC Gold/Silver Bullion trading carries a high degree of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. OTC Gold/Silver Bullion is not regulated by the Securities and Futures Commission (""SFC"") and therefore trading OTC Gold/Silver Bullion will not be subject to rules or regulations promulgated by the SFC. Before deciding to trade OTC Gold/Silver Bullion you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain losses in excess of your deposited fund or even more in extreme circumstances and therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading OTC Gold/Silver Bullion, and seek advice from an independent financial advisor if you require.