Bitcoin, gold post new record highs

Gold and Bitcoin continue to rally, reaching new record highs with gold at $2,185 per ounce and Bitcoin at $71,626. Mazen Salhab, Chief Market Strategist for MENA at BDSwiss, joined CNBC Africa to discuss the driving forces behind these gains and the future price projections for these assets. Salhab expressed his belief that the rally in both gold and Bitcoin is not yet over. He pointed out that gold's recent surge was fueled by investors seeking safe-haven assets amidst uncertainty in the US job market and a slowdown in bond yields. Salhab predicts that gold could reach $2,200 in the near future. As for Bitcoin, the upward momentum is driven by increased institutional interest and the upcoming halving event. Salhab expects Bitcoin to surpass $80,000 and potentially reach $100,000 in the coming months. While some analysts are more conservative in their projections, Salhab remains optimistic about the future of both assets. He believes that gold may struggle to reach $2,500 by year-end due to uncertainties surrounding the Federal Reserve's monetary policy. However, he is confident in Bitcoin's potential to continue its upward trajectory. Despite the recent mixed jobs report in the US, Salhab does not anticipate significant rate cuts by the Federal Reserve unless there is a drastic change in economic conditions. He expects the Fed to remain accommodative and monitor data closely before making any decisions. Overall, Salhab's outlook is bullish on both gold and Bitcoin, emphasizing the strong demand and limited supply dynamics driving their prices higher.