Gold rises above 4480 dollars, Bitcoin returns to 89,000 dollars, is the market's consensus changing?

The gold market welcomed a historic moment on December 23. The Spot gold price broke through $4490/ounce, with a daily rise of 1.05%, successfully standing above the $4480 threshold and setting a new historical high. Meanwhile, silver also reached a high of $69.56/ounce, and precious metals such as platinum and palladium all rose.

In the same time dimension, the king of cryptocurrency, Bitcoin, is also showing a strong recovery momentum. According to Gate.io market data, BTC/USDT reported $87,723.4 on December 23, with a 24-hour decline of 1.02%. Bitcoin is once again testing the psychological barrier of $90,000, attracting widespread attention from the market towards the future.

01 Market Anomaly

The global financial market experienced a remarkable asset resonance by the end of 2025. From December 22 to 23, the two major asset classes of traditional precious metals and digital currencies strengthened simultaneously, showing a rare synchronized fluctuation.

Gold prices have been particularly prominent in this round of pump. London gold peaked at 4420.07 USD/ounce during trading, breaking through the previous high of 4381.48 USD on October 20. As of December 23, spot gold has further climbed to 4480 USD/ounce, setting a new historical high.

Silver also performed well, with London silver first breaking the $69/oz mark, reaching a maximum of $69.45/oz during the session. Both platinum and palladium showed strong rising momentum, with spot platinum soaring to $2074.1/oz, marking the first time since 2008 that it has surpassed the $2000 mark.

02 The “Safe Haven” Narrative of Gold

“Unlike previous localized pumps, this comprehensive breakthrough in gold, silver, platinum, and palladium marks a shift in driving forces from a singular demand for safe-haven assets to a strong resonance of multiple bullish factors,” analyzed Wu Zewei, a special researcher at Su Shang Bank.

The expectation of the Federal Reserve starting a rate cut cycle continues to strengthen, becoming the primary macro factor supporting the prices of precious metals. When the market anticipates a shift in monetary policy towards easing, the opportunity cost of holding non-interest-bearing assets decreases, thereby increasing the appeal of precious metals such as gold.

The ongoing gold purchasing strategy by central banks worldwide provides solid support for gold prices. These institutional investors view gold as an important tool for diversifying foreign exchange reserve risks and responding to geopolitical uncertainties, and their strategic buying behavior constitutes a stable foundation for gold demand.

The uncertainty of geopolitical tensions has given precious metals a long-term risk premium. Against the backdrop of ongoing multi-regional conflicts and the complex changes in international relations, the role of gold as the ultimate safe-haven asset is being continuously strengthened.

03 The “Value Storage” Narrative of Bitcoin

The price of Bitcoin has shown a strong recovery momentum recently, with logic similar to that of gold, while also exhibiting unique characteristics of the cryptocurrency market.

On one hand, the macro market's expectation of an increased probability of future interest rate cuts by the Federal Reserve has boosted the overall risk appetite, including for crypto assets. When the market expects actual yields to decline, Bitcoin, as a scarce non-yielding asset, becomes more attractive.

On the other hand, structural changes within the Bitcoin ecosystem also provide support for the price. Spot Bitcoin ETFs have become a significant funding channel, with BlackRock's IBIT single-product asset management scale exceeding $50 billion. This level of institutional demand was not seen in previous cycles.

04 The Secret Link Between Gold and Bitcoin

Gold and Bitcoin have shown a certain degree of synchronicity in this round of market trends, and this resonance reflects the common judgment of global investors regarding the current macroeconomic environment.

Both benefit from changes in global liquidity expectations. When the market expects major central banks to shift towards loose monetary policy, traditional safe-haven asset gold and the emerging digital store of value Bitcoin tend to attract funds simultaneously.

They all possess the attribute of hedging against risks in the traditional financial system. During times of increased economic uncertainty and geopolitical tension, investors seek wealth storage methods beyond sovereign credit, and the physical properties of gold and the digital scarcity of Bitcoin appear particularly attractive in this context.

Both asset classes face similar challenges. Gold prices are at historical highs, and the market sentiment may be overheated after a significant rise in the short term, potentially triggering a sharp correction. Bitcoin is also facing the test of whether leverage accumulation and Spot demand can keep up as it attempts to break through the $90,000 mark.

05 Seize the Dual-Track Opportunity on the Gate Platform

In the face of a market pattern where gold and Bitcoin are strengthening simultaneously, investors can utilize the diversified services offered by the Gate platform to layout these two major asset classes from a more comprehensive perspective.

For investors focused on market dynamics, the latest market information and community opinions can be obtained through Gate Square. For example, users on the platform share information like “Gold has reached a new all-time high of $4,382” and provide real-time analysis on Bitcoin trends.

Gate provides users with convenient asset allocation tools. Investors can choose to allocate funds between gold-related assets, which represent traditional value storage, and cryptocurrencies, which represent value innovation in the digital age, based on their own risk preferences, to build a balanced investment portfolio.

Future Outlook

The Spot gold price broke through $4,490 during the session, while Bitcoin is quoted at $87,800 on the Gate platform. Analysts are reassessing the roles of these two asset classes in investment portfolios.

Professional investors are gradually reaching a consensus: the rise of gold has shifted from purely safe-haven demand to being driven by multiple factors, while Bitcoin is supported by institutional adoption and changes in the macro environment.

As of December 23, Bitcoin is gaining momentum near the $90,000 mark, subtly echoing the strong performance of gold. Trading activity for both asset classes remains vibrant on the Gate platform, showcasing ongoing exploration of non-traditional value storage methods.