Markets
Gold's Upside Break Didn't Hold, and Prices Are Back Near the September Low
The move above gold's recent range faded within days. Tokenized gold now trades around $4,282, about 1% above its September 16 low and roughly 6.6% lower than a month ago.
The upside break in gold flagged in yesterday's coverage has not followed through. Measured on PAXG, the gold-backed token that trades around the clock on Binance, the price closed near $4,364 on September 20 and $4,361 on September 22, then slipped to $4,288 on September 23 and $4,260 on September 24. On Friday it closed around $4,282.
That puts it about 1% above the September 16 low of $4,230 and roughly 6.6% below where it traded a month ago. It is also about 24% below the January peak near $5,650, the parabolic spike that the metal has spent most of 2026 digesting.
A failed break like this doesn't settle the bigger question on its own. The September low is now the obvious level: a clean close beneath $4,230 would put gold at its lowest point in more than a month, while holding above it would leave the market in the roughly $4,230-$4,440 range it has occupied since early September.
One practical caveat for anyone using a gold token as their price source: PAXG normally tracks spot gold closely, but its order book is far thinner than the bullion and futures markets, and it has printed brief spikes in both directions that had nothing to do with the metal. We've looked at two of those — both from October 2025 — in a new guide on where tokenized gold and physical gold part ways.