Gold Surges Toward $3,900 as Tokenized Gold Market Hits Record High

TradingKey – Spot gold rallies nearly 1% today, and UBS CIO expects further upside.

On Tuesday, September 30, during the Asian midday session, spot gold (XAUUSD) rose 0.85% intraday, reaching a new all-time high of $3,870 per ounce.

Spot Gold Price Chart – Source: TradingView

As gold approaches the $3,900 mark, the total market capitalization of tokenized gold has also surged to nearly $3 billion. Monthly trading volumes for leading gold-backed tokens — XAUT and PAXG — have both exceeded $3.2 billion.

This latest rally is driven by a combination of factors: fears of a potential U.S. government shutdown, persistent inflationary pressures, and growing expectations of a Federal Reserve rate cut. The Chief Investment Office (CIO) of UBS Wealth Management remains bullish, having previously forecast that gold could reach $3,900 per ounce by next year.