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Gold and silver lose $700B as Iran tensions hit markets; Bitcoin holds steady near $64,000.

Market News
16 Jul 2026
BeInCrypto
View Source
Bearish
pluang ai news

Gold and silver prices plunged sharply, losing about $700 billion in market value in one day amid Iran's threat to close the Bab el-Mandeb Strait, a key shipping route. Gold dropped below $4,000 per ounce and silver fell to a seven-month low under $55.50. Despite this turmoil, Bitcoin remained stable near $64,000, showing resilience as a rare safe-haven asset compared to precious metals. The selloff was driven by a stronger dollar, rising US interest rate expectations, and significant outflows from gold ETFs, while investors moved funds into US dollars and short-term Treasuries. The key question now is whether Bitcoin can maintain its support level around $63,000 as gold and silver search for a bottom.

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