PAXG and other gold-backed Token performed poorly this week, while Wall Street raised its target price for gold

Odaily Planet Daily News This week, Cryptocurrency supported by gold performed poorly, as its price plummeted significantly after pumping over 10% so far this year. Including Paxos gold (PAXG) and Tether gold (XAUT), gold-backed tokens fell by about 1% in the past week, trading at around $2,900, while the overall cryptocurrency market experienced a rebound. The CoinDesk 20 index pumped 5.7% during the same period, and the broader MarketVector Digital Assets 100 index (MVDA) pumped 3.4%. The analysis pointed out that as more and more people speculated that the new tariffs threatened by Trump were just a negotiating tool, the price of gold fell, hitting safe-haven assets including gold and the dollar. However, according to a recent report by Morgan Stanley, in the context of global currency inflation, geopolitical tensions, and increasing fiscal expenditures, the recent decline in gold may still provide an ‘opportunity’ for those seeking hedging. It recently raised its forecast for the price of gold. Citigroup strategists have recently raised their short-term gold price target to $3,000 and raised their average forecast for this year to $2,900. Meanwhile, UBS has raised its 12-month gold target to $3,000 per ounce. (CoinDesk)