Gold Selloff Takes Tether Gold Down 3.7% Amid Macro Drivers

Tether Gold (XAUt) experienced a sharp decline of around 3.7% over the past 24 hours, mirroring the broader gold selloff in the market.

The price drop is largely attributed to a macro-driven selloff in physical gold, which XAUt is designed to track.

Gold itself saw a significant decline of around 2-3% during this period, with spot prices falling below $4,200 per ounce and futures matching the drop.

The move is seen as a direct passthrough of the gold futures and spot move, rather than an idiosyncratic crypto event.

The macro drivers behind the gold move include higher yields and a stronger dollar, which increase the relative appeal of bonds and cash compared to gold.