Tokenized Gold Price
Daily USD price of tokenized gold tokens XAUT (Tether Gold) and PAXG (Paxos Gold), each backed by one troy ounce, snapped at 12:00 UTC from CoinGecko — an on-chain proxy for gold demand.
XAUT and PAXG are ERC-20 tokens each backed by one troy ounce of physical gold. Their on-chain price tracks the spot gold market and is a useful proxy for tokenized-gold demand.
About this data
Tokenized gold is bullion held in a vault and represented by a blockchain token that can be transferred and traded around the clock. The two largest are Tether Gold (XAUT) and Paxos Gold (PAXG); each token represents one troy ounce of London Good Delivery gold in allocated storage. This page charts both tokens' daily dollar price against gold spot, their daily trading volume, and the premium of each token over spot. Because issuers mint and redeem at the gold price plus fees, the tokens normally track spot closely; a premium that widens and persists signals on-chain demand outrunning that arbitrage, often during a rush into crypto-native safe havens.
Source: CoinGecko public API, daily USD price and 24-hour trading volume for XAUT and PAXG, snapped by WatchGold once a day at 12:00 UTC. The spot reference is the nearest XAU/USD spot quote to each snapshot; backfilled daily history comes from the same source.
Frequently asked questions
- What is the difference between XAUT and PAXG?
- Both represent one troy ounce of allocated London Good Delivery gold per token, but the issuers differ. PAXG is issued by Paxos Trust Company, a New York trust regulated by the NYDFS, with the metal held in Brink's vaults in London. XAUT is issued by TG Commodities, a Tether affiliate, with gold stored in Switzerland. Redemption minimums, fees and regulatory standing differ, which is why their premiums to spot diverge.
- How is the tokenized gold price data collected and when is it updated?
- WatchGold snaps each token's USD price and 24-hour trading volume from CoinGecko once a day at 12:00 UTC and stores one row per token per date; CoinGecko aggregates price and volume across the exchanges listing each token. Gold spot is matched to the same instant from the XAU/USD feed, so the premium is a like-for-like comparison. Tokens trade through the weekend while spot gold does not, so weekend points pair with the nearest spot quote and should be read loosely.
- Why does XAUT or PAXG trade at a premium to the gold spot price?
- Issuers mint and redeem at the gold price plus fees, but in sizes and settlement times that make the arbitrage slower than an ETF's authorized-participant loop. A buying rush can push exchange prices ahead of spot until new tokens are minted; heavy selling can push them below spot until someone redeems. The Premium vs Spot view plots token minus spot in dollars around a zero line: a sustained positive gap reads as on-chain demand, a negative one as selling pressure.