Amid China’s civil unrest, gold and silver prices hold steady – Stock and crypto markets falter

Reports on Monday detail that China’s zero-covid protests have lowered market sentiment as U.S. stock markets show all four major Wall Street indices struggling.

Global crypto market capitalization is down 3.5% and dangerously close to the $800 billion mark. On the other hand, prices of precious metals, such as gold and silver, have remained stable, and since November 3, the ounce of gold has appreciated by 7.06% against the U.S. dollar.

Gold and silver hold steady amid global economic turmoil, precious metals outperform stocks and crypto-assets.

On Monday, financial markets were choppy with regard to stocks and crypto-currencies. Precious metals like gold and silver, however, remain stable amid the madness around the world.

Some reports cite Monday’s market upheaval for civil unrest in China due to the country’s zero-covidant policy. Indices such as the Dow Jones, Nasdaq, S&P 500 and NYSE all opened the day in the red.

Additionally, the crypto economy is close to falling below the $800 billion mark as bitcoin has fallen more than 2% in the past 24 hours. Ethereum has lost 3.82% over the past day and the overall crypto economy has lost 3.5% against the greenback.

An ounce of gold is trading at $1,744, up more than 7% against the U.S. dollar since November 3. On that day, a troy ounce of fine gold was trading for a nominal $1,629 U.S. per unit.

Silver too has gained in value in USD since that day, as an ounce of fine silver was worth less than $20 per unit on November 3. Today, silver trades for a nominal $20.99 per unit.

Silver’s rise since that day has exceeded gold’s jump in value, with silver rising 7.91% in the past 25 days. As the world watches events in China, the U.S. jobs report is due this Friday.

In addition, U.S. Federal Reserve chief Jerome Powell plans to discuss the U.S. economy this Wednesday. Reports indicate that some believe Powell will reveal plans to slow interest rate hikes.

With gold doing so well in the macroeconomic environment, some believe that a ” Santa Claus Rally ” could be in the cards. So far in the last 25 days, both precious metals (Ag, Au) are doing better than stocks and crypto assets.