Tether Gold Surges 3.27% on Gold Rally and DeFi Demand

The price of Tether Gold (XAUt) surged by 3.27% over the last 35 hours, largely driven by a sharp rally in gold prices.

The US Treasury's actions to weaken the dollar and lower yields have contributed to this increase in gold prices, making it an attractive safe-haven asset for investors.

Tether Gold is designed to track the price of physical gold closely, with each token representing ownership of one fine troy ounce of gold backed by metal held in vaults and redeemable for physical gold in Switzerland.

The growth in tokenized-gold and DeFi demand has also played a role in XAUt's price increase, with the asset adding $237 million to its market cap over 30 days.