Internet reports that with the spot gold price exceeding US$3800 per ounce, the total market value of the tokenized gold market reached a historical peak of US$2.88 billion on September 29. The monthly trading volume of the two major gold tokens, XAUT and PAXG, both exceeded US$3.2 billion, of which PAXG had a net inflow of US$40 million in a single month. Analysts pointed out that expectations of the Federal Reserve's interest rate cut, inflationary pressures and a potential government shutdown have jointly driven this round of gold's rise. In contrast, gold, which rose by about 47% during the year, performed far better than Bitcoin, which rose by 22%. With its all-weather trading and real-time online settlement characteristics, tokenized gold is becoming an important supplementary channel for traditional gold investment.