Gate Metal: Gold breaks through $4,800, safe-haven assets collectively strengthen

As of the latest market data on April 10, 2026, the Gate Metals sector has all shown strength across the board. Gold (XAU) is quoted at $4,760.00 per ounce, up 1.02%, with a 24-hour range of $4,704.00 to $4,800.28, and a trading volume of $169 million. Silver (XAG) performed even more strongly, at $75.52 per ounce, up 3.20%, with a range of $72.94 to $76.65, and a trading volume of $144 million.

Tokenized gold products are also rising in tandem. Tether Gold (XAUT) is priced at $4,737.7 per ounce, up 1.00%, with a trading volume of $98.08 million and a market cap of $2.58 billion; PAX Gold (PAXG) is at $4,752.0 per ounce, up 1.09%, with a market cap of $2.38 billion.

Other metal commodities are also showing a general upward trend. Platinum (XPT) is at $2,080.42 per ounce, up 3.35%; Palladium (XPD) is at $1,562.66 per ounce, up 1.10%. In base metals, copper (XCU) is at $5.781 per pound, up 0.87%; aluminum (XAL) is at $3,448.92 per ton, remaining flat.

Gate Metals: Complete Product Matrix of Precious and Base Metals

Gate Metals is a trading platform launched by Gate for metal derivatives, combining traditional assets with crypto derivatives frameworks, providing users with two types of metal trading portals.

The precious metals section (perpetual contracts) includes gold (XAUUSDT), silver (XAGUSDT), platinum (XPTUSDT), palladium (XPDUSDT), as well as tokenized gold products Tether Gold (XAUTUSDT) and PAX Gold (PAXGUSDT). The industrial metals section (perpetual contracts) covers copper (XCUUSDT), aluminum (XALUSDT), nickel (XNIUSDT), lead (XPBUSDT), and other base metals.

All Gate Metal contracts are margined in USDT, support 24/7 trading, with leverage up to 50x (industrial metal contracts support 1 to 10x leverage). This design breaks the traditional metal market’s time restrictions, allowing users to manage risk exposure instantly when major economic events occur outside regular trading hours.

The pricing mechanism of Gate Metals contracts is noteworthy. It does not rely on any single data source but uses a multi-source composite index—simultaneously accessing real-time quotes from multiple major global metal markets, removing outliers, and calculating a weighted, more representative index price. On the risk control side, Gate introduces a dual-price model, separating the mark price from the latest market price: the mark price is based on the multi-source index and includes funding rate basis calculations, serving as the sole reference for liquidation; the latest market price reflects real-time trading within the order book. This mechanism effectively avoids the risk of chain reactions triggered by short-term abnormal fluctuations.

The Macro Logic Behind the Rebound in Gold Prices: Geopolitics, Liquidity, and Central Bank Gold Purchases

The return of gold prices to $4,800 is not driven by a single factor. Since the outbreak of Middle East geopolitical conflicts in late February 2026, gold has experienced a rare “rollercoaster” market. Initially, risk aversion sentiment pushed gold prices above $5,400 per ounce, but then, due to sharp oil price swings and tightening liquidity, gold rapidly fell back, with a maximum decline of over 18%. By April, as the US and Iran announced the start of ceasefire negotiations, market expectations for rate cuts warmed, and gold prices rebounded quickly.

This rebound is essentially a recovery from prior oversold conditions. Previously, geopolitical conflicts caused sharp oil price volatility and liquidity shortages, leading to passive gold selling and overselling; as the Strait of Hormuz shipping resumes or stabilizes, and international oil prices decline, the previously suppressed rate cut expectations re-emerge, pushing gold prices higher.

From a medium- to long-term perspective, the interplay of risk aversion, inflation, and interest rates influences gold price fluctuations, with different core factors dominating at different times. The continuous central bank gold purchases worldwide also provide a solid bottom support for gold prices. At the end of March, China’s central bank reported gold reserves of 74.38 million ounces, marking the 17th consecutive month of gold accumulation; Poland’s National Bank added 20 tons of gold in February, increasing reserves to 570 tons, raising the proportion of official reserves to 31%.

Crypto Assets and Gold: Increasing Divergence in Safe-Haven Attributes

Contrasting sharply with gold’s return to $4,800 is the continued pressure on crypto assets during the same period. Since Bitcoin hit an all-time high of about $126,000 in October 2025, it has fallen to the $65,000–$68,000 range, a decline of about 47% from its peak. The total market cap of cryptocurrencies has also dropped nearly 50% from its 2025 high.

Renowned investor Ray Dalio publicly stated that Bitcoin cannot be considered a substitute for gold as a safe haven, noting that its 45% plunge demonstrates extreme volatility under market stress, reinforcing its positioning as a risk asset rather than a store of value.

Gate Metals offers market participants a new strategic tool. Traditional financial participants can operate gold, silver, and other metals within familiar crypto trading interfaces; crypto-native traders can conveniently incorporate these low-correlation assets into their portfolios, effectively hedging against the high volatility of crypto markets.

Conclusion

The process of gold returning to $4,800 essentially reflects a market re-pricing of safe-haven assets. Amid repeated geopolitical conflicts, fluctuating inflation expectations, and uncertain global monetary policies, gold’s pricing logic has shifted from single-factor to multi-factor influences.

Gate Metals has integrated gold, silver, platinum, palladium, copper, aluminum, and other traditional metal assets into its perpetual contract system, providing a 24/7 access pathway for metal trading. Even when traditional markets are closed, users can continue managing risk exposure through Gate Metals—this is the core value of Gate Metals products.

It should be noted that although signals of easing have emerged from US-Iran negotiations, core disagreements on key issues such as the Strait of Hormuz passage rights and nuclear concerns remain unresolved, and geopolitical uncertainties persist. Market participants should stay attentive to evolving developments and carefully assess their risk tolerance regarding Gate Metals’ various assets.