Related: Capital Markets Union Monitor
Tokenised gold (PAXG, XAUT) regulated under MiCA within CMU framework
Real-time tracking of gold spot prices, ETFs, tokenised gold, and EU regulatory landscape
Figures as of:
$4,636
XAU/USD Spot Price
$669B
Global ETF AUM
$6.0B+
Tokenised Gold Cap
863 T
Central Bank Net Buying (2025)
All-Time High
$5,589.38
28 January 2026
Analyst Target: Morgan Stanley forecasts $2,800/oz by Q4 2025
United States
8,134
tonnes
Germany
3,352
tonnes
Italy
2,452
tonnes
France
2,437
tonnes
Russia
2,333
tonnes
| ETF Name | Ticker | AUM | TER | YTD Return | Exchange |
|---|---|---|---|---|---|
SPDR Gold Shares | GLD | $205B | 0.40% | +22.8% | NYSE |
iShares Gold Trust | IAU | $96B | 0.25% | +22.6% | NYSE |
Xetra-GoldEU | 4GLD | €27.5B | 0.00% | +20.2% | XETRA |
Xtrackers Physical GoldEU | XGDU | €7.8B | 0.11% | +19.8% | XETRA |
iShares Physical GoldEU | PPFB | €31.5B | 0.12% | +20.0% | LSE/XETRA |
European Advantage: Xetra-Gold (4GLD) offers 0% TER and physical delivery option - the most cost-effective gold ETF in Europe.
Blockchain-based gold tokens backed 1:1 by physical gold
PAX Gold
Paxos Trust Company
$4,636
+2.12%
Tether Gold
TG Commodities Ltd
$4,626
+1.98%
MiCA Note: PAXG/XAUT classified as Asset-Referenced Tokens. Dutch AFM transitional period ends 30 June 2025.
All existing crypto-asset service providers must hold MiCA licence by 1 July 2026. Tokenised gold (PAXG, XAUT) classified as Asset-Referenced Tokens.
ESMA Briefing5-test framework determining when tracking tools require licensing
ESMA Briefing380 MT
China
11.5% share
310 MT
Russia
9.4% share
290 MT
Australia
8.8% share
202 MT
Canada
+98% decade
160 MT
United States
-6% YoY
Share your experience: AMLA is inviting Electronic Money Institutions (EMIs) and Payment Service Providers (PSPs) to provide feedback on their experience with the current Central Contact Point (CCP) framework pursuant to Article 45 (9) AMLD
Read moreThe European Securities and Markets Authority (ESMA), the EU’s financial markets regulator
Read moreThe European Securities and Markets Authority (ESMA), the EU regulator and supervisor, is
Read moreThe European Banking Authority (EBA) today published its 2025 Report on supervisory convergence, as part of its broader efforts to contribute to a more efficient, streamlined and effective EU prudential framework. This work responds to the
Read moreThe European Banking Authority (EBA) published today a Consultation Paper with a draft methodology for setting fines in its role as supervisor under MiCA. The objective is to ensure that fines imposed on issuers of significant crypto-asset
Read moreThe Gold Trading Monitor is built and maintained by Beresol, a Brussels-based software company specialising in EU public affairs, web development, and AI integration. We build intelligence tools like this for clients.
How it is built
Primary sources from the EU institutions, reached through the Brubru EU Data API, with every figure carrying the date it was last verified.
Update cadence
Reviewed every 3 days, last verified 26 August 2026.
The gold spot price (XAU/USD) is currently around USD 5,385 per ounce, having reached an all-time high of USD 5,589. The Gold Trading Monitor tracks the price live, so the figure on the dashboard updates throughout the trading day.
Tokenised gold refers to blockchain tokens that each represent ownership of physical gold, with the two largest being PAX Gold (PAXG) and Tether Gold (XAUT). The combined market capitalisation of tokenised gold now exceeds USD 6B, giving investors gold exposure that can be traded on digital asset platforms.
Central banks bought a net 863 tonnes of gold in 2025, continuing a sustained run of official-sector accumulation. This buying is a major source of structural demand and helps underpin the gold price.
Global gold ETF assets under management stand at around USD 669B, backed by holdings of roughly 4,145 tonnes of gold. ETFs are one of the main ways institutional and retail investors gain gold exposure without holding the physical metal.
MiCA (Markets in Crypto-Assets) is the EU regulatory framework governing crypto-assets, including tokenised gold products such as PAXG and XAUT. The Gold Trading Monitor tracks how MiCA shapes the issuance and trading of digital gold assets across the EU.
The gold market monitor is published free by Beresol, a software company specialised in EU matters ("All the EU, with AI"), founded by Victor Solé Ferioli. It is one of Beresol's open EU policy intelligence monitors, with no paywall and no email gate.
Brubru by Beresol tracks EU legislation, amendments, tenders and policy live. Brubru is the AI-powered EU policy intelligence platform built by Beresol, available at https://brubru.beresol.eu.
Explore connected policy areas and market intelligence
Free monthly digest with monitor highlights, policy analysis, and product updates. No spam.
Unsubscribe anytime. We respect your privacy.
Help us improve this content by sharing your thoughts, suggestions, or reporting any issues. Your feedback helps us create better resources for the EU policy community.
Give FeedbackYour email will be sent to our team at hello@beresol.eu
