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Gold and bitcoin compete to be safe havens, but here's why gold is winning so far this year
By Frances Yue
MarketWatch, New York
Friday, August 8, 2025
Gold futures scored another record high Friday -- with the precious metal extending its lead over bitcoin this year and, despite some volatility, reinforcing its status as the go-to safe haven in uncertain times.
While both assets have rallied in 2025 and repeatedly notched fresh highs, gold has pulled ahead even after paring gains Friday afternoon. Gold futures rose earlier in the day after the U.S. ruled that 1-kilogram and 100-ounce gold bars would be subject to tariffs, but trimmed gains after reports said the Trump administration planned to clarify that imported gold bars would be exempt.
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Still, gold's edge this year may reflect a broader trend where elevated geopolitical tensions and tariff concerns have given traditional risk-off assets an extra edge over newer alternatives. Crypto bulls have long pitched bitcoin as "digital gold," arguing it could eventually play a similar role. But for now, analysts say gold's legacy as a crisis hedge is prevailing. ...
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