Gold has surged to unprecedented heights, underscoring its role as a preferred safe-haven asset, while Bitcoin struggles to maintain momentum. On September 22, gold reached a record high of approximately $3,721 per ounce, pushing its 2025 gain to around 43%. Simultaneously, Bitcoin fell about 3% to roughly $112,000, with a year-to-date advance of only 17%. Analysts noted that profit-taking in Bitcoin may have fueled gold's rally, highlighting a rotation in investor preferences.
The trend accelerated by September 24, with gold climbing another 5% to set a fresh peak near $3,791/oz, driven by central bank buying and geopolitical risks. Physically backed gold ETFs accumulated 397 tonnes of bullion in the first half of 2025, the largest haul since 2020. In contrast, Bitcoin's peak occurred in mid-July at $123,153, but it has since declined, trading in the low $110,000s. Macroeconomic factors, such as higher U.S. Treasury yields and a stronger dollar following the Fed's September 17 rate cut, have pressured risk assets like Bitcoin, which slipped 3–5% in that period.
Despite robust inflows into Bitcoin funds—including $977 million in the latest week and $4.0 billion in September alone—gold's ETF inflows over 90 days totaled about $18.5 billion, nearly double Bitcoin's $10 billion. However, on September 24, gold experienced a rare decline of 1.5% to $3,759/oz, while Bitcoin edged higher by 1.7% to $113,700, suggesting a potential inverse correlation. Longer-term, since 2023, gold has more than doubled, but Bitcoin has surged over six-fold, indicating both assets serve as hedges against inflation, though with differing near-term dynamics.