Gold-backed tokens like PAXG underperformed this week while Wall Street raised its gold price target

Odaily Planet Daily News This week, gold-backed cryptocurrencies have performed poorly as their prices have fallen sharply after rising more than 10% so far this year. Gold-backed tokens including Paxos gold (PAXG) and Tether gold (XAUT) fell about 1% in the past week, trading around $2,900, while the overall cryptocurrency market rebounded. The CoinDesk 20 Index rose 5.7% over the same period, and the broader MarketVector Digital Asset 100 Index (MVDA) rose 3.4%. Analysis pointed out that as more and more people speculated that the new tariffs threatened by Trump were just a negotiating tool, gold prices fell, hitting the prices of safe-haven assets including gold and the US dollar. However, according to a recent report from Morgan Stanley, the recent decline in gold may still provide "opportunities" for those seeking to hedge against the backdrop of global reflation, geopolitical tensions and increasing fiscal spending. It recently raised its forecast for gold prices. Citi strategists recently raised their short-term gold price target to $3,000 and their average forecast for this year to $2,900. Meanwhile, UBS has raised its 12-month gold target to $3,000 an ounce. (CoinDesk)