Former Credit Suisse CIO: CME gold futures are closed on weekends, so tokenized gold is almost 100% responsible for price discovery

Jinse Finance reported that former Credit Suisse Chief Investment Officer Iggy Ioppe stated that since CME gold futures are closed from Friday 17:00 (EST) until reopening at Sunday 18:00, tokenized gold assets such as PAX Gold (PAXG) and Tether Gold (XAUt) become the only continuously tradable public markets during this period. Nearly all publicly visible gold price formation occurs on-chain, meaning that tokenized gold bears almost 100% of price discovery over the weekend. This week, against the backdrop of US and Israeli airstrikes on Iran, tokenized gold surged, with XAUt briefly surpassing $5,450 and PAXG approaching $5,536, while Bitcoin and Ethereum retreated simultaneously. The main participants currently include market makers, cross-market liquidity providers, and crypto-native macro traders, who use tokenized gold for arbitrage, collateral, hedging, and yield strategies. Some institutions also monitor on-chain gold movements over the weekend to assess the "gap risk" before CME opens, but most treat it as a reference signal rather than a direct basis for building positions.