Gold-linked coins gain amid Middle East conflict

Uk Jin

Summary

It said gold-backed stablecoins are gaining even as the Middle East conflict and U.S.-Israeli airstrikes on Iran weigh on markets.
It noted that PAX Gold (PAXG) is up 6.13% day on day at $5,513.28.
It said Tether Gold (XAUt) is up 4.62% to $5,403.82, with risk assets weakening and risk appetite strengthening for coins linked to safe-haven assets.

Forecast Trend Report by Period

Even as the cryptoasset (cryptocurrency) market remains under pressure after the United States and Israel carried out a joint operation and pressed ahead with airstrikes on Iran, gold-backed stablecoins (cryptoassets whose value is pegged to a specific asset) are showing strength.

As of 6:40 p.m. KST on the 28th, PAX Gold (PAXG) was up 6.13% day on day at $5,513.28.

At the same time, Tether Gold (XAUt) was also up 4.62% day on day, trading at $5,403.82.

The Middle East conflict is cited as a key factor behind the strength in these gold-linked stablecoins.

Earlier, at around 3 p.m. the same day, the United States and Israel conducted a large-scale airstrike operation against Iran dubbed “Epic Fury.” While risk appetite for assets such as Bitcoin (BTC) deteriorated on the back of the war, demand strengthened for stablecoins linked to gold, a safe-haven asset.

PAXG

XAUT