Gold Tops $4,100 as Crypto Crash Sparks Massive Capital Flight

Core Insights - The surge in gold prices is attributed to investors moving away from digital assets, with gold reaching a record high of over $4,100 per ounce as the crypto market experiences significant outflows [1][2][7]. Gold Market - Spot gold increased by 2.2% to $4,106 per ounce, with a peak at $4,116, while U.S. gold futures for December delivery rose 3.3% to $4,133, marking a 56% increase year-to-date [2]. - Analysts predict that gold prices could exceed $5,000 by the end of 2026, indicating strong future growth potential [3]. Crypto Market - Following a flash crash on October 10, billions of dollars have exited the crypto markets, with CoinGlass reporting $21 billion in outflows from Binance alone, although Binance has disputed these figures [4][7]. - The outflows are part of a broader trend of investors seeking safer assets amid market volatility [1][4]. Binance Allegations - Binance faces allegations from Limitless Labs CEO regarding the firm allegedly dumping tokens on the market, which Binance has strongly denied, labeling the claims as false and defamatory [8]. - Binance emphasized the importance of confidentiality in its listing communications and indicated potential legal action to protect its interests [9].