📊 Precious metal prices are approaching historical highs, with the tokenized gold market surpassing $2.5 billion.
The total market capitalization of tokenized gold has exceeded $2.57 billion, with significant inflows into two leading products recently—Tether's $XAUT and Paxos' $PAXG tokens. Among them, the supply of XAUT tokens issued by Tether surged by $437 million, reaching a historic high of $1.3 billion. The gold-backed token PAXG issued by Paxos has ballooned to a record market cap of $983 million; since June, the net inflow of funds into this token has reached $141.5 million. As a widely recognized safe-haven asset during times of uncertainty, gold has recently regained momentum due to the steepening of the U.S. Treasury yield curve.
📈 Analyst: Gold prices have historically broken above $3,500, with a mild rebound in the dollar having little impact.
Amid rising bets on a Fed rate cut in September, interest in gold purchases remains strong. Factors such as uncertainty over U.S. tariffs, concerns about the independence of the Federal Reserve, and geopolitical issues are all favorable for gold. Ahead of the release of U.S. macroeconomic data this week, the mild rebound in the dollar has little effect on gold's upward momentum. On Tuesday during the Asian trading session, gold prices continued their upward trend for the sixth consecutive day, reaching a historic high and breaking through the psychological barrier of $3,500 per ounce. An increasing number of people are accepting that the Fed will cut rates this month, which has proven to be a key factor driving funds into non-yielding gold. Additionally, uncertainty over U.S. tariffs and escalating geopolitical tensions are other factors supporting safe-haven gold. These supportive factors largely offset the negative impact of a slight rise in the dollar; however, short-term charts indicate an extremely overbought condition, prompting gold bulls to remain cautious before positioning for further gains. Furthermore, this week will see the release of several important U.S. macroeconomic data, including the non-farm payroll report, and investors may choose to adopt a wait-and-see approach. (Jin Shi)
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