PAX Gold in November 2026: one token, one troy ounce, and the price sits with gold
PAX Gold (PAXG) is not a blockchain of its own and not a project with a roadmap. It is a claim on gold, issued as an ERC-20 token on Ethereum. According to the issuer, one PAXG represents one fine troy ounce of London Good Delivery gold held in LBMA-accredited vaults in London. From that follows the single most important point for any forecast: the price of PAXG is the gold price, not the result of demand for a network of its own. On 23 October 2026 PAXG trades at around $4,029.65, some 28 per cent below the twelve-month high of $5,622.81 of 29 January 2026 and roughly 3 per cent above the twelve-month low of $3,900.30 of 28 October 2025.
What has changed in recent weeks
The price has eased since late summer, in small steps rather than jumps. August opened at $4,043.59 and closed at $4,447.16, with a high of $4,686.75. September gave that back: open $4,447.19, high $4,508.79, low $4,123.12, close $4,162.62. October continued the move: open $4,162.62, high $4,221.44, low $4,028.47, and a daily close of $4,030.40 on 22 October. Over 30 days that leaves a loss of around 7 per cent, over 60 days around 13 per cent, over seven days around 3 per cent. Over 90 days the price is practically unchanged, down half a per cent. The comparison is worth noting: on 23 October 2026 total crypto market capitalisation stood around 25 per cent above its level of 90 days earlier. PAXG did not join that move, which was to be expected, because the token follows the gold price, not the crypto market.
Why this forecast is cautious
There are three reasons. First, the nature of the asset: a forecast for PAXG is a forecast for the gold price, and gold moves over years in percentage ranges that look small next to those of a young token. Second, the distance to the upside: the price sits around 28 per cent below the interim high of January 2026, and the months since August show no counter-move. Third, a layer of risk that physical metal does not carry: custody, issuer and redemption all depend on one company. Our scenarios therefore start from the opening price of the year, $4,330.38, and the average for 2026 sits below that starting value.
The crypto market right now
Total value and sentiment of the market from our own charts. While the page is open, the values refresh at the pace of their source.
What PAX Gold is and what the price depends on
PAX Gold is a token that represents a claim on physical gold. It is issued by Paxos Trust Company, a trust company which, according to the provider, is supervised by the New York State Department of Financial Services. Technically PAXG is an ERC-20 token on Ethereum; there is no chain of its own, no miners, no validators and no treasury. Anyone valuing PAXG is therefore valuing two things at once: the gold price and the robustness of the structure behind it.
The backing: one fine troy ounce per token
According to the issuer, one PAXG corresponds to one fine troy ounce of London Good Delivery gold held in LBMA-accredited vaults in London. The issuer publishes monthly attestations of the holdings and states that bars can be allocated to individual tokens. By the same account, institutional customers can redeem into bars or into unallocated Loco London gold. The issuer states that it charges no storage fee; costs arise on transfers. These are the provider's own statements, not the result of an audit by us; we therefore record them as representations, not as verified findings.
Supply: no unlock calendar, but a function of demand
This is where PAXG differs fundamentally from a project token. Circulating supply is 442,475.565216 PAXG, and that is at the same time the reported total supply. There is no maximum supply, no unlock calendar, no team reserve and no vote on new issuance. The quantity grows when customers deposit gold and shrinks when customers redeem. Supply is therefore not a price risk but a mirror of demand. The market capitalisation of around $1,783.02 million is accordingly not the valuation of an expectation but the countervalue of the metal in custody. Rank 48 in the overall list places that in context without saying anything about the success of a product.
The risks a bar in your own safe does not carry
Three points belong together here. First, counterparty risk: the claim is against a company. If custodian, issuer or auditor run into trouble, that hits the token, not the gold price. Second, technical risk: an ERC-20 token depends on a contract on Ethereum and on that chain running. Third, the regulatory framework for tokenised real-world assets, which is still in motion in the EU and the US, the same field in which Ondo Finance works with tokenised treasuries and equities. For the forecast that means: the gold price sets the direction, the structure sets the residual risk.
Gold as an asset next to digital gold
PAXG competes on two fronts. On one side the classic routes into gold: bars, coins and exchange-traded funds, all of them older, cheaper to hold and better understood. On the other side Bitcoin, often described as digital gold. The figures show the two do not do the same job: over 90 days PAXG is practically unchanged, while total crypto market capitalisation has added around a quarter. That is precisely the purpose investors assign to PAXG, and precisely why the token is no substitute for a bet on the crypto market.
How widely PAXG is traded
On 23 October 2026 we evaluated 173 spot pairs; the data provider itself excludes 44 of them from its volume count, and those are stripped out. The remaining 129 pairs give a counted daily turnover of around $199.10 million. Of that, around $185.64 million sits on centralised exchanges and around $13.46 million, just under 7 per cent, on decentralised venues, almost entirely Uniswap v3 and v4 on Ethereum. 29 centralised exchanges report more than one million dollars each, nine of them major venues: Binance with around $25.86 million, Coinbase Exchange with $5.53 million, MEXC with $4.47 million, WhiteBIT with $3.88 million, OKX with $3.48 million, Kraken with $3.29 million, KuCoin with $3.12 million, Gate with $1.94 million and Crypto.com Exchange with $1.28 million, some $52.82 million together. One caveat belongs with that: the largest single venue is LBank with around $28.41 million, roughly 14 per cent of the counted volume, and we do not count LBank as a major venue.
