Precious metals on-chain contracts saw significant gains as geopolitical tensions between the U.S. and Iran escalated, prompting a shift to risk-off assets. Gold prices briefly surged to $5,386 per ounce, while silver reached $96.30. Loracle, an early contributor to Hyperliquid, reported a 27% increase in the unrealized profit of his largest on-chain PAXG position, now valued at $460,000.
The position, worth $8.42 million, was acquired at an average price of $5,047 per ounce. Loracle, formerly known as Laurent Zeimes, is a prominent figure in the Hyperliquid ecosystem and the founder of Hypurrfun.
Geopolitical strains continued to push investors toward on-chain precious metals as risk-off sentiment took hold, with traders eyeing both gold and PAXG contracts for potential hedges. The unfolding dynamics emphasize how on-chain assets can respond to macro risk factors, underscoring their role in diversified portfolios amid geopolitical uncertainty.
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