Tokenized Gold Dominates Weekend Price Discovery as CME Futures Close

Intelligence indicates tokenized gold assets have emerged as the primary mechanism for gold price formation during weekend periods when CME futures are inactive. According to data from institutional sources, onchain markets now handle virtually 100% of weekend price discovery for precious metals trading. The shift represents a significant transformation in gold market microstructure. CME gold futures halt trading at 17:00 ET on Fridays and resume at 18:00 ET on Sundays, creating a 49-hour window where traditional markets are closed. During this period, tokenized gold products including PAX Gold (PAXG) and Tether Gold (XAUt) serve as the sole continuously available trading venues. Market capitalization for the tokenized gold sector has grown to $4.4 billion, representing a 177% increase over the past year. Trading volume reached approximately $178 billion in 2025, with quarterly peaks exceeding $126 billion, making tokenized gold the second-largest gold investment product by volume after SPDR Gold Shares.