Gold Extends Rally to a New Record, Bitcoin Follows, Surpassing $110,000

TradingKey – Heightened safe-haven demand and growing expectations for a Federal Reserve rate cut have driven both gold and Bitcoin sharply higher.

On Wednesday, September 3, during the Asian session, spot gold (XAUUSD) notched its seventh consecutive day of gains, climbing to a new all-time high of $3,547 per ounce — a fresh record.

Gold price chart – Source: TradingView

At the same time, Bitcoin (BTC) rebounded strongly, reclaiming the $110,000 threshold. Over the past 24 hours, BTC jumped nearly 2%, reaching an intraday high of $111,681. However, over the last seven days, Bitcoin’s net change is roughly flat, lagging behind gold’s 5% cumulative gain.

Bitcoin price chart – Source: TradingView

This latest up-leg in traditional and digital safe-havens reflects two main drivers: investors seeking protection amid rising uncertainty, and a surging probability of Fed easing.

Recently, President Trump publicly threatened to remove Federal Reserve Governor Lisa Cook — stoking concerns about the Fed’s independence — and reignited tariff disputes, further unsettling markets.

According to CME’s FedWatch Tool, the odds of a 25-basis-point cut at the September Fed meeting have climbed to 90.5%. Fed officials including Mary Daly and Christopher Waller have also signaled support for lowering rates in September, reinforcing bullish sentiment for gold and Bitcoin alike.