PAX Gold (PAXG) is a unique cryptocurrency backed by physical gold, with each token representing one troy ounce of gold from a 400 oz London Good Delivery bar held in secure vaults by Paxos Trust. Designed on the Ethereum blockchain, PAXG provides a way for investors to hold gold in digital form, making it accessible, divisible, and easily tradable. Unlike many other tokens, PAXG directly connects investors to real gold ownership, which can be redeemed for either USD or physical gold if holding a substantial amount.
Recently, PAXG has experienced modest fluctuations. As of late October 2024, it’s trading around $2,746.30, with a market cap of approximately $538 million and a circulating supply of nearly 195,952 tokens. Its price reflects movements in the gold market, with a recent weekly low around $2,676 and high at $2,809. PAXG’s popularity reflects growing interest in combining the stability of gold with the convenience of blockchain-based assets, making it a compelling choice for those looking to hedge against economic volatility with a tangible asset.
