The gold market notes a change of activity, the central bank buying the slowdown and the demand of the funds negotiated on the stock market and cryptocurrencies with golden back. The latter recently moved to a three -year summit, such as measured by the net striking volume for tokens supported by the precious metal.
More than $ 80 million in these tokens were struck in last month, according to Rwa.xyz data. This boost helped push the market capitalization of the sector from 6% to $ 1.43 billion. Meanwhile, the monthly transfer volume increased by 77% to $ 1.27 billion, marking a strong resurgence of interest in digital representations of precious metal.
The increase in token activity reflects a broader trend on the gold market.
The latest World Gold Council report shows that the total demand for gold in the first quarter of the year has reached 1,206 tonnes, a 1% increase from one year to the next year and the first high quarter since 2016. The increase has occurred despite a slowdown in central bank purchases, which fell to 244 tonnes, compared to 365 tonnes in the fourth quarter.
The FNB Gold played a central role in change. The investment demand has more than doubled to reach 552 tonnes, suggesting that investors move in precious metal, a decision of central banks is historically known.
These entries contributed to pushing the average quarterly price of gold to a record of $ 2,860 per ounce, up 38% compared to the previous year. However, the price fell 2.35% last week, after increasing 23.5% for the start of the year, while risk assets, including cryptocurrencies, increased. Spot Gold is currently negotiated at $ 3,240.
While the traditional golden demand, like jewelry, has seen a slowdown – breathtaking at the bottom of the pandemic era – the request for bar and parts has remained high, especially in China.
Read more: Tokenized gold overvoltages greater than $ 2 billion are market capitalization because the fear of Spark Safe Haven
