News/The Block/Gold surpasses previous records as bitcoin grapples with market instability… On February 10, 2025, gold hit a record-breaking high of $2,902 per ounce, marking a 17.5% surge since the beginning of the year. This bull run in gold has been propelled by a combination of factors such as persistent central bank acquisitions, global trade policy worries, and investors seeking refuge in stable assets, as per a World Gold Council report.
The council’s report reveals a 694-ton increase in global gold reserves during the first ten months of 2024, maintaining the record-setting accumulation trend of previous years. The data further predicts that central banks will continue to be net buyers of gold in 2025, with geopolitical risks and de-dollarization efforts being significant motivators.
Among the top gold purchasers in 2024 were Poland, India, Turkey, and China, with net acquisitions of 89.5 tons, 72.6 tons, 74.8 tons, and 44.2 tons respectively. Western sanctions imposed on Russia’s central bank reserves in 2022 have been recognized as a key event, further solidifying gold’s position as a geopolitical buffer.
A survey by the World Gold Council found that 69% of central banks plan to keep amassing gold, with 83% of those in developed countries pointing to it as a safeguard against inflation and financial upheaval.
Uncertainty persists in the markets following President Donald Trump’s announcement of a 25% tariff on all steel and aluminum imports, reigniting global trade war anxieties. This move resulted in a surge in steel and aluminum stocks, with U.S. Steel, Nucor, and Cleveland-Cliffs seeing substantial gains.
Although bitcoin is often touted as a hedge against monetary and geopolitical instability, its correlation with risk assets remains high, leaving it vulnerable to market sentiment shifts, according to a Bitwise report. On the other hand, gold’s traditional role as a safe haven has enhanced its attractiveness amid rising fears about inflation and trade disruptions.
Bitcoin, which kicked off 2025 at roughly $93,000, is presently valued at $97,745, reflecting a 5.1% increase since the start of the year. The broader crypto market, represented by the GMCI 30 — comprising the top 30 cryptocurrencies by market cap — observed a 0.59% rise over the previous 24 hours, standing at approximately 168.82 at the time of publication.
Disclaimer: The Block is an independent media platform delivering news, research, and data. Foresight Ventures, a major investor in The Block as of November 2023, also invests in other crypto-focused entities. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently, providing objective, impactful, and timely information about the crypto industry. This article is meant for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice.
