JAKARTA – Global gold prices in the spot market have weakened for two consecutive days, after Trump confirmed Jerome Powell would remain as Chair of the Fed and signalled a de-escalation of tariffs with China.

Gold prices in the spot market fell 1.25% on Tuesday (22/4) and a further 1.95% on Wednesday (23/4), reaching USD 3,315.40 per ounce. Earlier this week, gold prices had hit a peak of USD 3,430.93 per ounce.

Meanwhile, bitcoin—often referred to as digital gold—dropped 0.12% to USD 93,530. The decline ended a five-day winning streak.

Phillip Streible, Chief Market Strategist at Blue Line Futures, said the market has passed through the phase of collapse. “You might see some rotation out of safe haven assets back into well-known instruments like Apple and Tesla shares,” Streible said, as quoted by Reuters on Thursday (24/4).

Since the start of the year, global gold prices have risen by 26.61%. Bitcoin, however, remains down by 0.3%. (KR/ZH)