Gold-backed cryptocurrencies are riding the wave of a bullish gold market, as major financial institutions like Citi and UBS have raised their price forecasts for the precious metal. Citi has set a short-term target of $3,000 per ounce and an average yearly forecast of $2,900, up from $2,800. UBS has also increased its 12-month target to $3,000 per ounce from $2,850. The price of gold has already surpassed this, currently trading at $2,860 after a 9% increase year-to-date. This surge is attributed to trade war fears, central banks’ gold accumulation, and global economic concerns. Gold-backed tokens like PAXG and XAUT are performing well, aligning with the rising gold prices. The enduring appeal of gold as a hedge against uncertainty continues to drive demand, with geopolitical tensions and economic uncertainties fueling the trend.
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