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Gold-Backed PAXG Token Spikes to $2.9K Amid Geopolitical Tensions

Prices for PAX Gold (PAXG), a gold-backed digital asset created by Paxos, surged over the weekend as escalating geopolitical tensions in the Middle East catalyzed demand for haven assets. PAXG rose as high as $2,923 on Saturday, trading at a premium of over 20% to the yellow metal's per-ounce price of $2,342.90 at Friday's New York close, CoinDesk data show. As of writing, PAXG still drew a notable premium, trading at $2,471. With a market capitalization of over $446 million, PAXG is the world's second-largest tokenized gold coin. Leading the pack is tether gold (XAUT) with a market capitalization of $581.9 million. Gold has surged over 8% in four weeks, while bitcoin has declined by 10%.

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