Gold Falls Below $4,200 as Bitcoin Drops on Rate-Hike Bets

Gold has slipped below $4,200 an ounce alongside Bitcoin, which fell to $61,163, as markets price in higher-for-longer U.S. rates ahead of the inflation report. The move follows gold’s break below its 200-day moving average for the first time since October 2023 and a drop of more than 20% from the January peak near $5,600. Spot Bitcoin ETFs recorded $1.72 billion in outflows, with IBIT alone seeing $1.34 billion, while gold’s correlation with the S&P 500 has surged, eroding its traditional safe-haven status amid a stronger dollar and tighter financial conditions.