TLDR
- Two whale clusters sold about $40M in XAUT and PAXG within 48 hours.
- The trades generated more than $7M in realized profit.
- Sales happened as gold traded above $5,000 per ounce.
- U.S. CPI data and dollar strength may influence the next price move.
Gold moved above the $5,000 level and drew strong market attention as several large holders began selling tokenized gold. On-chain data shows two whale clusters sold about $40 million worth within two days. The transactions, tracked by Lookonchain, involved Tether Gold (XAUT) and Pax Gold (PAXG), both tokens backed one-to-one by physical gold reserves.
Whale Wallets Sell Millions in XAUT and PAXG
According to Lookonchain, two wallets identified as 0x8C08 and 0xdfcA executed the largest transactions. Analysts believe both wallets belong to the same holder. These wallets sold 5,250 XAUT tokens at an average price of $5,125.
The sale had a value of about $26.91 million. That same holder also sold 560 PAXG tokens at $5,173, worth roughly $2.9 million. Combined transactions totaled nearly $29.8 million. On-chain estimates show trades generated about $5.32 million in profit.
Another whale wallet, labeled 0x8844, executed additional sales hours later. The address sold 1,934 XAUT tokens at an average price of $5,037. The transaction was worth about $9.74 million. Data shows the wallet secured roughly $1.74 million in profit from the trade. Together, the three wallets sold about $40 million in tokenized gold over 48 hours.
Gold Rally Driven by Macro and Geopolitical Factors
Gold recently crossed the $5,000 level as global markets reacted to geopolitical tension and energy supply concerns. U.S. and Israeli strikes on Iran increased uncertainty in the region. The conflict also pushed oil prices above $100 per barrel. Rising energy costs often influence inflation expectations, and that can affect central bank policy.
Ole Hansen, commodities strategist at Saxo Bank, described the short-term pressure from energy prices and interest rates. “Gold initially traded lower as crude prices surged on the assumption that higher energy costs could delay rate cuts,” Hansen wrote.
He also said the current oil rally may reflect supply disruptions rather than stronger demand. That environment may increase stagflation risks in the global economy. Central bank demand remains strong. Several countries continued gold purchases during the past year, including China, India, Turkey, and Poland.
CPI Data and Dollar Strength in Focus
Market participants are watching upcoming U.S. inflation data. Economists expect the Consumer Price Index to rise about 0.3% month on month. Annual inflation is projected to reach about 2.4%. If the figure exceeds expectations, U.S. Treasury yields may rise and the dollar may strengthen.
A stronger dollar often creates pressure on gold prices because the metal becomes more expensive for global buyers. Recent economic data also showed higher input prices in the manufacturing sector. The ISM Prices Paid index reported stronger cost pressure than expected. At the time of reporting, spot gold traded around $5,118. The price remained below its recent peak of about $5,595.
Traders in the crypto sector also monitor tokenized gold movements. Large transactions in XAUT and PAXG sometimes reflect broader capital shifts between traditional assets and digital markets. Whale profit-taking does not always signal a long-term reversal. However, the timing of the $40 million sales has drawn attention as gold trades near historic levels.
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