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The People's Bank of China extended its streak of gold purchases for reserves to two years without a break and noticeably increased the volume of purchases precisely during the price pullback.
On Tuesday morning BTC lost about 2% and is trading just below $77,000, erasing Monday's rebound. The trigger was a sell-off in the US tech sector: the Nasdaq 100 index dropped 10% from its recent high, meaning it entered a correction.
Gold is trading around $4,215 on Monday and holds above $4,200. The metal is supported by the largest inflows into gold ETFs in four years, central bank buying and a weaker dollar.
Gold declined after the publication of the minutes of the September Fed meeting. XAU/USD briefly dropped to $4,066, the lowest level in about two months, amid a stronger dollar and rising US bond yields.
