Markets
Gold Confirms the Break: PAXG Closes at Its Lowest Level Since August 4
Tokenized gold finished Monday at $4,139, down 2.8% and about 11.7% below its August 25 peak. The decisive part of the drop came while London and New York were both open, on the heaviest volume in two weeks.
On Monday morning, gold had slipped below $4,200 in thin early trading. The full session confirmed the move. PAXG, the Paxos token backed by physical gold, closed September 28 at $4,139.20, down 2.8% on the day. That is its lowest close since August 4, and roughly 11.7% below the August 25 peak of $4,689.
Two details give the close more weight than the overnight dip. The first is volume: about $28 million of PAXG traded on Binance on Monday, the most since September 16 and six to seven times the weekend's level. The second is timing. The day's low, $4,122, came in the 14:00 UTC hour, when London and New York trading overlap and the main gold market is at its deepest, rather than in the quiet hours when tokenized prices can wander on their own.
In Monday's signals, we named a daily close below the September 16 low of $4,230 as the confirmation for a bearish view on gold. That close is now in, by a margin of about $90. The decline remains orderly. No hour on Monday moved more than about 1%, and early on Tuesday PAXG was steady near $4,145. The next reference below is the early-August area, where gold last closed near $4,070.