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Gold prices hit an all-time high Wednesday as the Federal Reserve projected slower economic growth and higher inflation, boosting demand for the safe haven.

What happened: Spot gold hit $3,056 per ounce earlier in the day before retracing slightly. Gold futures on the Commodity Exchange jumped to $3,060.20.

The yellow metal has been smashing records this year, precipitated by a dampening risk sentiment due to President Donald Trump’s aggressive tariff policies. Spot gold has gained over 16.21% year-to-date.

On Wednesday, the central bank kept the interest rates changed, and lowered 2025 GDP growth projections from 2.1% to 1.7%, fueling further gains for gold.

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The rise has trickled down to physical gold-backed cryptocurrencies as well. Tether Gold and PAX Gold have gained 16.67% and 16.42% year-to-date.

These increases contrasted sharply with the performance of the rest of the cryptocurrency market.

The overall market capitalization has shrunk 14% from $3.6 trillion to $2.8 trillion since the year began, with market barometer Bitcoin (CRYPTO: BTC) slipping over 8%. Notably, Bitcoin has been aggressively promoted as a “digital gold” asset by its supporters.

Photo courtesy: Shutterstock

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This article Bitcoin’s Recent Struggles Aside, Gold Hit A New All-Time High Shining A Bright Spotlight On These Precious Metal Cryptos That Rocked In 2025 originally appeared on Benzinga.com