Gold-Backed Cryptocurrencies Underperform Amid Tariff Speculation
- Gold-backed tokens like Paxos gold (PAXG) and Tether gold (XAUT) declined about 1% over the past week.
- These tokens traded around $2,900, while the CoinDesk 20 Index rose by 5.7%.
- The MarketVector Digital Assets 100 Index increased by 3.4% during the same period.
- Speculation about new tariffs from U.S. President Donald Trump affected safe-haven assets like gold and the U.S. dollar.
- Citi strategists raised their short-term gold price target to $3,000 per ounce.
Gold-backed cryptocurrencies saw a roughly 1% decline to around $2,900 as tariff speculation impacted safe-haven assets, contrasting with a broader crypto market rally of up to 5.7% in some indices.
Source (2.6)https://www.coindesk.com/markets/2025/02/15/gold-backed-tokens-underperform-while-wall-street-calls-for-dip-buying-in-precious-metal?rand=52298
