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Gold's price has fallen below its 200-day moving average, a sign of weakness for the precious metal.

The 200-day moving average is a technical indicator that tracks the average closing price of gold over the past 200 trading days.

A breakdown below the 200-day moving average is viewed as a sign that bullish momentum has weakened significantly and that further price declines are likely.

This is the first time gold's price has traded below its 200-day moving average since October 2023, with the price currently at $4,360 U.S. per ounce.

The decline follows a huge rally in which gold surged nearly 200%, climbing from below $2,000 U.S. an ounce in October 2023 to a record high of $5,600 U.S. in January of this year.

But now, gold (TVC: $GOLD ) has officially entered a bear market as its price has fallen more than 20% from its January peak.

The latest weakness comes as expectations for higher interest rates surge after a stronger-than-expected U.S. jobs report last week.

Futures markets are now betting that the U.S. Federal Reserve will raise interest rates 25 basis points in December of this year.

As a non-yielding asset, gold performs best when interest rates are declining.

Also putting downward pressure on gold's price is a rising U.S. dollar. A stronger dollar is typically a headwind for metals such as gold.

The Bitcoin (CRYPTO: $BTC ) to gold ratio, which measures how many ounces of gold one Bitcoin can buy, has risen 3% over the past 24 hours to 14.72 ounces.

Despite the rebound, the Bitcoin-to-gold ratio remains 70% below its December 2024 peak of approximately 41 ounces.

BTC is currently trading at $63,400 U.S., having fallen 15% in the past week.