PAX Gold Sinks 3.5% Amid Macro-Driven Gold Selloff

PAX Gold (PAXG) experienced a decline of approximately 3.5% due to a sharp selloff in the underlying gold market, not because of any issues specific to PAXG.

The token is fully backed by physical gold reserves and tracks the spot price of gold, so most short-term moves mirror the gold market itself.

On September 28th, Comex gold futures fell 2.11% in a short window, with silver down 3.59%, resulting in a combined market value drop of over $550 billion in roughly three hours.

PAXG's price dropped from around $4,276 to approximately $4,186 during this period, following the gold market's decline.