Tokenized gold assets, such as PAX Gold (PAXG) and Tether Gold (XAUt), have become the primary market for gold price discovery over weekends, according to Iggy Ioppe, former CIO of Credit Suisse. With CME gold futures trading paused from Friday evening to Sunday evening, these digital assets facilitate nearly 100% of observable price formation during this period. Recent geopolitical events, including US-Israel airstrikes on Iran, have driven a surge in tokenized gold prices, reflecting increased safe-haven demand. While tokenized gold prices spiked, major cryptocurrencies like Bitcoin and Ethereum saw declines. Key players in the on-chain gold market include market makers and crypto-native traders, who leverage these assets for various strategies such as arbitrage and hedging. Institutions monitor weekend price movements for potential insights before CME markets reopen, using them as reference signals rather than direct trading bases.