Tokenised gold assets have led the market move, rising as Bitcoin and Ethereum retreated in the wake of the US and Israel’s strike on Iran. Tether Gold (XAUT) surged to about $5,455 in New York on Saturday before trimming gains to roughly $5,332, around 5% below its February high and up 2% on the day. Paxos Gold (PAXG) rose nearly 4% to around $5,438, with brief prints near $5,536 before pulling back.
The two tokenised assets, which trade across multiple networks, surged as Bitcoin declined, with the leading cryptocurrency dipping to roughly $63,177 at one point on Saturday. Bitcoin is down year-to-date, while Ethereum also dropped sharply following the Iran-related news. Investors’ activity reflected the geopolitical tension, as tokenised gold continued to show strength in a risk-off environment.
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