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Pax Gold (PAXG) Soars to Record Highs as Gold Prices Surge: Reasons Behind the Rally

Pax Gold Paxg

Gold-pegged cryptocurrencies are benefiting from rising inflation expectations in the US and geopolitical developments. Pax Gold (PAXG) has reached a new all-time high.

Pax Gold (PAXG) is a gold-backed cryptocurrency issued by Paxos, a regulated blockchain infrastructure company. The company is primarily known for serving as the custodian for Binance’s dollar-stablecoin (BUSD), although it also has its own synthetic dollar, USDP.

Tether and Paxos’s tokenized gold cryptocurrencies are among the most robust tokens for investing and gaining exposure to the precious metal in an accessible way through a permissionless blockchain infrastructure.

Gold prices, which had retreated following above-forecast US inflation data on Wednesday, resumed their upward trajectory on Thursday and Friday. Today, the price of gold per gram rose above 2,492 lira.

New peaks were seen in gold prices during the Turkish holiday. The price of an ounce of gold reached $2,405, while the price of a gram of gold reached 2,492 TL.

The rally in gold prices continues. The spot price of an ounce of gold reached an all-time high of $2,395 today. The futures price of an ounce of gold rose to $2,401.

A record high of 2,492 TL was also seen for gram gold.

Quarter gold selling price: 4,226 TL

Half gold selling price: 8,401 TL

Republic gold selling price: 16,989 TL

ONS gold is trading at $2,405, up 1.40%.

Full gold selling price: 16.717,37 TL

Republic gold selling price: 17.384,00 TL

Gremse gold selling price: 41.921,63 TL

The negative realization of inflation expectations in the US economy and the aggressive messages from Israel and Iran are affecting gold prices.

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Inflation data in the US came in high again, and deterioration continues in the data followed by the Fed. While an interest rate cut was expected from the Fed, the rate cut has been postponed towards the end of the year due to the poor data.

The main reason for the rise in gold is the statements of Israel and Iran that have brought them to the brink of conflict.

Economist Barış Soydan made a remarkable assessment regarding gold prices. “What happened on the holiday,” said Soydan, listing the reasons for the rise in gold prices after gram gold broke its record.

Sharing on his social media account after the rise in gold, Economist Barış Soydan made the following statements regarding the rise in gold prices:

“What happened on the holiday: America’s producer price inflation came in below expectations. The European Central Bank signaled that it would start cutting interest rates in June. With these and the expectation of an Israeli retaliation from Iran, gold is rising again.”

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