Spot gold breaks through $4,950 to hit a new all-time high, with the $5,000 target within reach.

January 23, 2026, the spot gold (London Gold) price surged past $4,950 per ounce, reaching a high of $4,960 during trading and once again setting a new all-time high. This is not only a victory for traditional safe-haven assets but also like a bright beam illuminating the “Digital Gold” track in the entire cryptocurrency space.

On leading trading platforms such as Gate, tokenized gold assets represented by PAX Gold (PAXG) are simultaneously hitting new highs, providing investors with an excellent window to seamlessly connect traditional finance and the digital asset world.

1. Why has gold “soared” so dramatically? A historic breakthrough driven by multiple forces

The recent surge in gold prices is no coincidence but the result of multiple macro factors resonating:

• Geopolitical and credit concerns: Frequent recent geopolitical risk events, coupled with market doubts about the confidence in major reserve currencies, have continuously boosted demand for gold as a safe haven.
• Central bank gold purchases: Central banks worldwide, especially emerging market central banks, are increasingly diversifying reserves with gold. For example, Poland’s central bank recently approved a plan to purchase 150 tons of gold, providing solid and long-term support for gold demand.
• Monetary policy expectations: The market widely expects the Federal Reserve to cut interest rates in 2026, and the loose liquidity environment provides fertile ground for non-yielding assets like gold to rise.
• Strong target price guidance: Goldman Sachs Global Investment Research has raised its December 2026 gold target price to $5,400 per ounce, indicating the market believes current gold prices still have about 9% upside.

2. How does the momentum from physical gold to tokenized gold ignite the crypto market?

The brilliant rise of gold has quickly propagated into the cryptocurrency field, giving rise to a booming niche—tokenized gold (Tokenized Gold).

1. What is tokenized gold?

Tokenized gold is the process of digitizing ownership of physical gold. For example, each PAXG and XAUT (Tether Gold) token represents a claim to one ounce of physical gold, backed by issuers like Paxos and Tether with a 1:1 reserve of physical gold. This allows investors to enjoy gold price exposure while benefiting from the liquidity, divisibility, and 24/7 trading convenience of cryptocurrencies.

2. The market has entered a rapid growth phase

Driven by the breakout of gold prices, the entire tokenized gold sector has experienced explosive growth. As of January 23, the total market cap of this sector has risen to $5.12 billion, with over a 4% increase in 24 hours. Among them, two leading assets stand out:

• XAUT (Tether Gold): Market cap has risen to $2.579 billion, ranking 50th in the cryptocurrency market cap list.
• PAXG (PAX Gold): Market cap has risen to $1.989 billion, ranking 57th in the cryptocurrency market cap list.

Data shows that the total market cap of this sector has grown approximately 147% over half a year, rapidly transitioning from a niche field to mainstream.

3. Focus on Gate: How to conveniently trade “Digital Gold” PAXG?

For investors wishing to directly participate in this “Digital Gold” rally, trading PAXG on Gate is an efficient and secure choice.

1. Latest PAXG market on Gate (January 23, 2026)

As of January 23, PAXG’s latest trading price on Gate is approximately $4,971.79. Its price closely tracks spot gold and has recently hit new highs, fully reflecting its value as a digital representation of gold.

2. Why choose to trade PAXG on Gate?

• Direct exposure: No need to handle physical gold storage, insurance, or authentication, allowing pure gold price investment.
• High liquidity: The PAXG/USDT trading pair on Gate has deep order books and substantial trading volume, ensuring investors can buy and sell at fair prices quickly.
• Seamless integration into crypto portfolios: Investors can include PAXG in their digital asset portfolios just like any other cryptocurrency, achieving inflation hedging or risk diversification.
• Flexible thresholds: PAXG supports fractional trading, meaning investors can start investing with any amount without purchasing a full ounce of gold at once.

4. Outlook: The future of gold and crypto integration

The breakthrough of spot gold past $4,950 is not only a price milestone but also an important financial signal. It indicates that, amid increasing global economic uncertainties, hard assets with store-of-value functions are regaining favor among global capital.

The rise of tokenized gold is a key use case of the integration between traditional finance (TradFi) and decentralized finance (DeFi). It brings liquidity from the trillion-dollar traditional gold market into the crypto economy, providing a model for the digital evolution of the entire financial infrastructure.

For investors, whether you are a traditional gold believer or an active participant in the crypto market, this is a moment not to be ignored. You can continue to watch whether spot gold can hold above the $5,000 psychological threshold, or you can directly hold and trade PAXG through platforms like Gate, participating in this “Gold Revival” with the most cutting-edge approach.