Gold Holds Near $4,150 and Bitcoin Steadies as Equities Slip on Chip Doubts

Equity markets across Asia and the Middle East fell on Tuesday as caution about technology valuations spread. In Israel, the benchmark Tel Aviv 35 index lost about 1.2 percent, the chip-inspection firm Camtek dropped more than 7 percent, and the United States dollar rose past three shekels, according to Globes. The paper reported that the Seoul market declined after Samsung's preliminary results and lowered United States stock futures with it.

As shares fell, gold and bitcoin held their value. Gold traded near 4,150 dollars an ounce, close to where it has held in recent sessions as investors awaited minutes from the Federal Reserve's June meeting, per market data compiled by Trading Economics. Silver eased to roughly 61 dollars an ounce after a stronger prior session, and bitcoin traded around 64,000 dollars, up modestly on the day and higher over the past week, according to price data reported by Fortune.

The divergence between falling equities and steady metals fits a pattern that recurs when confidence in a single market narrative weakens. As doubts about the artificial-intelligence trade prompt investors to reduce exposure to richly valued shares, demand persists for assets whose supply cannot be expanded by policy. That preference tends to strengthen when central banks are expected to keep interest rates below inflation, and the Federal Reserve minutes are the next test of that expectation.