PAX Gold (PAXG), a digital asset backed by gold, was trading at $3,447.32 at press time, reflecting a 1.77% increase in the past 24 hours. The session began with a price close to $3,394, saw a sharp spike around 4:00 a.m., and reached a peak near $3,465. Following this, it consolidated in the range of $3,440 to $3,460, suggesting robust support at the recent highs.
According to data from CoinMarketCap, the 24-hour trading volume rose by 194.24%, hitting $204.1 million, while the market cap grew to $834.65 million. The circulating and total supply were stable at 242,110 PAXG, confirming the tokens low inflationary risk. The volume-to-market cap ratio of 24.19% indicated strong liquidity. Moreover, this price pattern corresponds with the larger market direction in the physical gold markets.
PAXG is pegged 1:1 to real gold held in vaults and has increasingly drawn investor attention amid elevated market volatility. This weeks gains follow renewed geopolitical tensions in the Middle East and increased demand for safe havens.
Technical Indicators Suggest Breakout From Consolidation Range
On TradingView, PAXG formed a bullish daily candlestick, starting at $3,409.33 and finishing at $3,445.29. The peak of the session was at $3,476.55, and the low remained at around $3,394. The long candle body and narrow lower wick indicated the dominance of buyers during the day. Analysts perceive the current price of around $3,440 as a flipped support level.
Source:TradingView
Since the beginning of 2025, PAXG has been gradually rising from under $2,650, creating an upward trend with intermittent corrections. Following a consolidation area of around $3,200 -3,400 in May, the asset now challenges the April high at around $3,520. If the momentum continues and the price ends the day above $3,478, the next target will be $3,600, which is a significant psychological level.
If the ability to trade above $3,440 is lost, the $3,300 or $3,200 areas, which acted as strong areas of support in earlier sessions, might be tested. The technical structure is now biased towards further continuation, provided global demand for gold remains high.
Macro Sentiment Shifts Capital Toward Asset-Backed Tokens
The rise in the price of PAXG occurs after a decline in the cryptocurrency market. Bitcoin dropped by more than 5% to $102,900, and Ethereum and XRP also slipped. This drawdown came after Israel launched airstrikes on Iran, prompting a flight to safe-haven assets.
Economist Peter Schiff questioned Bitcoin‘s role as “digital gold” after it dropped 2% following the strike, while gold prices rose 0.85%. Schiff noted Bitcoin now trades 15% lower when priced in gold compared to its 2021 peak, highlighting PAXG’s performance advantage.
PAXGs market cap currently stands at approximately $835 million, according to CoinGecko. Amid rising geopolitical tensions and uncertainty, central bank gold-backed tokens such as PAXG are likely to attract more investments as investors look to protect themselves from the volatility of both traditional and cryptocurrency assets.