$BTC Gold-backed cryptocurrencies surged amid global trade uncertainty

Gold-backed cryptocurrencies, such as Tether Gold and Paxos Gold, have risen by about 7% in the last month as investors seek safe-haven assets.

Gold-backed cryptocurrencies have experienced a significant increase in value amid the global trade war triggered by the tariffs announced on April 2 by U.S. President Donald Trump.

Tether Gold (XAUT) and Paxos Gold (PAXG) reached all-time highs on April 22, with Tether Gold hitting $3,529 and Paxos Gold recording a peak of $3,520, according to data from CoinMarketCap. Two other gold-backed cryptocurrencies, Quorium (QGOLD) and Kinesis Gold (KAU), have seen increases of 8.5% and 7.6%, respectively, in the last 30 days. The four tokens have risen by 40% or more in the last 12 months, according to data from CoinGecko.

According to a report from Tether, the increased demand for XAUT is due to macroeconomic factors such as growing global economic uncertainty, geopolitical conflicts, and a rising demand for inflation-resistant assets.

Since the renewed trade war initiated by President Trump, gold has significantly increased in value. On April 2, Trump's 'Liberation Day,' when the tariffs were announced, the price of an ounce of gold was $3,115. At the time of writing, on April 28, the price per ounce is at $3,335, representing a 7% increase in less than 30 days.