Why investors are pulling back from gold and still buying Bitcoin

Gold has fallen into bear-market territory after giving up its gains for the year, even as US spot Bitcoin exchange-traded funds (ETFs) continued to attract fresh money, pushing the two assets onto sharply different paths. Spot gold traded near $4,388 an ounce on March 23, according to goldprice.org, down about 22% from its Jan. 29 record of $5,594.82. The decline accelerated after the latest Middle East conflict beg…