Daily Gold Market Report | Today's top gold news and opinion

Digital Currency Trends
Digital Yuan Makes Headway and Eurosystem Proceeds To Next Phase Of Digital Euro Project

(USAGOLD – 10/25/2023) Gold is starting to find its footing this morning after a rough start to the week. Gold is trading at $1975.85 this morning, up $4.88. Silver is trading at $22.95, up 3 cents. The first cross-border trade was settled in China’s digital currency at the Shanghai Petroleum and Natural Gas Exchange (SHPGX), where PetroChina International paid for a million barrels of crude oil using digital yuan. This is part of China’s broader effort to internationalize the yuan, particularly its digital version, for trade and finance. Meanwhile, the next phase of the digital euro project – the preparation phase – will start on 1 November 2023. It will involve finalizing the digital euro rulebook and selecting providers that could develop a digital euro platform and infrastructure.

USAGOLD Comment: Physical gold’s immutable nature and unparalleled role as preservation of wealth instrument throughout history offer an assurance that digital assets, susceptible to technological risks and hacks, can’t provide.