Risk-off sentiment returned in the market, sending gold and its cryptocurrency derivatives slightly higher on Monday.
Gold Over ‘Digital Gold?’
Spot gold was up 0.20% to $3,372.88 per ounce as of this writing, after crossing $3,380 earlier in the day.
The gains filtered down to physical gold-backed cryptocurrencies, with Tether Gold and PAX Gold up 0.23% each in the last 24 hours. In fact, the two coins were the market's biggest gainers in the 24-hour period.
The latest spike pushed their returns in 2025 past 28%, aligning with that of spot gold.
| Cryptocurrency | 24-hour Gains +/- | YTD Gains +/- | Price (Recorded at 11:00 p.m. ET) |
| Tether Gold (CRYPTO: XAUT) | +0.23% | +28.58% | $3,370.03 |
| PAX Gold. (CRYPTO: PAXG) | +0.23 | +28.25% | $3,363.24 |
See Also: Gold Price Forecast for 2025 and Beyond
Cryptos Mirror Stocks Decline
Their gains contrasted with the decline in large-cap cryptocurrencies like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which tumbled 3.23% and 7.77%, respectively, in the last 24 hours. Notably, Bitcoin was up only 17% year-to-date.
Additionally, major stock indexes, such as the Dow Jones Industrial Average and the S&P 500, closed lower.
The correction wiped out Friday’s gains in stocks and cryptocurrencies, following Federal Reserve Chair Jerome Powell's dovish Jackson Hole speech.
Photo: oekka.k on Shutterstock.com
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