Pax Gold Price · PAXG/USD · Per Token (1 troy oz)

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PAXG vs XAU Spot, Premium / Discount

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PAXG Price
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Market price per token
XAU Spot
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Binance XAUUSDT
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−1% DiscountPar · ±0.3% normal+1% Premium
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PAXG Supply by Chain

452,150 PAXG · Ethereum only · CoinGecko, 26 Jul 2026

PAXG Markets

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PAXG Converter

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Understanding PAXG, Backing, Premium and Liquidity

Because one PAXG is always redeemable for one ounce of vaulted gold, its market price is tethered to XAU spot by arbitrage rather than by decree. The gauge makes that tether visible: needle at centre means Binance PAXGUSDT and the spot reference agree; drift to the right is a premium, drift to the left a discount. Shading around the middle covers the ±0.3% window where the spread usually stays, and the colour strengthens outward from there because both far ends are anomalies for a redeemable claim on metal rather than a verdict on the trade. Figures are shown in both dollars and percent and clamped at ±1% so ordinary moves stay readable.

The interesting information is in persistence, not in single ticks. Premiums that refuse to fade suggest on-chain demand is outrunning fresh issuance from Paxos. Discounts rarely last, and the reason is mechanical: anyone can buy discounted tokens and turn them back into bullion, unallocated Loco London gold, or dollars at par through the Paxos platform, so the deeper the discount, the stronger the force closing it. Each of those terms has a plain-English entry in the gold market glossary.

PAXG is a gold-backed token built on allocated gold, the strongest custody claim the bullion world offers. Your tokens map to identified London Good Delivery bars, the 350 to 430 ounce, 99.5%+ purity format that central banks settle in, sitting in LBMA-accredited London vaults. Paste your Ethereum address into the allocation lookup on the Paxos site and it returns the actual serial number, weight and purity of the bar behind your balance. An ETF shareholder has a claim on a pooled trust; a PAXG holder can name their bar.

The accounting is deliberately simple: on-chain supply equals ounces in vault, 452,150 as of 26 July 2026 per CoinGecko. Minting requires gold to arrive; redemption sends it out. Paxos publishes monthly attestations of that equivalence, its trust-company structure puts customer gold outside the corporate balance sheet, and the token count itself is readable by anyone from the ERC-20 contract, 0x45804880De22913dAFE09f4980848ECE6EcbAf78. The live PAXG price is also served, keyless, in the XAUS JSON API, and every feed behind this page is named in the data sources and methodology notes.

Pick your trade-off. Brokerage convenience, metal in hand, or an instrument that settles in seconds and never closes. The row that decides it is rarely the headline fee.

Holding one ounce of gold four ways. Fund fees verified against issuer documents, 26 July 2026.
What it costs youPAXGGLDIAUCoins
Annual holding feeNone0.40%0.25%None, but storage applies
Storage and insuranceIncluded, Paxos vaultsIncluded in the feeIncluded in the fee$200 to $500 a year
Cost to get inExchange spread onlyBrokerage commissionBrokerage commission3% to 8% fabrication premium
SettlementOne Ethereum block, about 12 secondsT+2T+2Collection or insured shipping
When you can tradeContinuous, every dayWeekday US market hoursWeekday US market hoursDealer hours
Smallest sensible unitAbout 0.01 oz on the Paxos platformOne shareOne shareOne coin, commonly 1/10 oz
Cost to move itEthereum gas, a few dollars per transferNone while heldNone while heldInsured carriage
Claim on specific metalYes, an identified London barPooled trust holdingPooled trust holdingYes, the coin itself

Read the first column as the question you are really asking. A 0.40% fee compounds quietly; a 3% to 8% fabrication premium is paid once and felt immediately; gas is trivial on a yearly view and annoying on a weekly one.

The sharpest practical divide between the three is tax, and it is jurisdiction-specific: ETF shares usually fall under securities rules, physical bullion is often a collectible taxed at higher rates, and a gold token may be classed as property, a commodity, or a digital asset depending on where you file. Treat everything on this page as market data, not tax advice, and confirm your situation with an advisor.

A handful of order books and AMM pools carry essentially all PAXG flow. Binance's PAXGUSDT pair is the volume leader and the price source for this page's gauge, while Kraken matters disproportionately because its book is quoted in actual USD rather than USDT, which OTC desks care about. Gate.io, Bybit, OKX and KuCoin also list PAXG, but their APIs cannot be read directly from a web page, so the table above tracks the two order books it can poll honestly, Binance and Kraken, refreshed every 30 seconds. For the underlying metal rather than the token, the XAU/USD candlestick chart carries the same spot series with indicators.

On-chain, everything happens on Ethereum, and that concentration is a feature: no bridged wrappers, no fragmented liquidity, one contract. The Uniswap v3 PAXG/USDC pools (0.05% and 0.3% tiers, both tracked above) do the heavy lifting, while the Curve pool pairing PAXG with XAUT (Tether Gold) exists for one elegant purpose, swapping between the two big gold tokens directly, metal-to-metal, with no fiat leg in the middle.

PAXG (Pax Gold), Common Questions

Two different marketplaces set the two numbers. XAU spot comes out of the institutional OTC market; PAXG's price comes off crypto order books and AMM pools, where flows are driven as much by crypto sentiment as by gold demand. The two drift apart intraday, and the drift has an asymmetry: upside gaps (premiums) persist until minting catches up with demand, while downside gaps invite a very direct trade, buy the cheap token, hand it to Paxos, receive gold or dollars at par. That redemption arbitrage acts as a floor under the discount, something no ETF share can replicate at retail scale.

They run on different clocks. The spot benchmark belongs to the interbank OTC world: dealer-to-dealer trading, LBMA auction fixings at 10:30 and 15:00 GMT, and a hard stop every Friday night. PAXG never stops; its price forms wherever the next trade happens, on Binance or Kraken order books or in a Uniswap pool, through nights, weekends and holidays. That makes weekend PAXG prints genuinely informative: while the official gold market sleeps, tokenized gold is one of the few places real capital can express a view, and Monday's spot open frequently lands near where PAXG spent the weekend.

Yes, and it has been for years; PAXG launched in 2019 and standard ERC-20 plumbing means any protocol that accepts tokens can technically hold it. In practice it shows up as Uniswap liquidity, as lending-market collateral, and simply as a treasury asset in ordinary Ethereum wallets. Its appeal as collateral is its temperament: gold's daily moves are small compared to ETH or BTC, so liquidation cascades are rarer, and protocols price that stability into the loan-to-value ratios they offer. The contract address to verify before interacting anywhere is 0x45804880De22913dAFE09f4980848ECE6EcbAf78.

Redemption goes through the Paxos platform after identity verification. Paxos offers three routes: LBMA-accredited Good Delivery bullion bars (whole-bar sizes, roughly 400 oz, for large holders), unallocated Loco London gold for institutional customers, and conversion to USD at the current market price for any amount. Smaller holders in practice simply sell on an exchange, which achieves the same economic result without the logistics of physical delivery. Paxos charges no storage fee while you hold the token.

Both tokens carry one fine troy ounce of allocated Good Delivery bullion, so the gold exposure matches. What separates them is who stands behind the metal and how small a stake you can take. Paxos Trust Company, N.A. became a nationally chartered trust supervised by the OCC in December 2025, attests to its holdings monthly, and vaults in LBMA-accredited London facilities; Tether Gold sits with TG Commodities Limited and a Swiss vault instead. The thresholds diverge sharply too: Paxos issues and redeems from about 0.01 ounces, whereas XAUT opens its direct redemption window at 50 ounces delivered in Switzerland. Moving between the two is normally done in the Curve XAUT/PAXG pool, which avoids a round trip through cash.

Use the picker in the navigation bar, which includes a search field for finding a currency quickly. Every visitor lands on the dollar view by default; nothing is inferred from your location. Behind the display there is a single number, the Binance PAXGUSDT last trade, multiplied by an FX rate the XAUS spot API supplies live and which reverts to a stored value only when that API is unreachable. To go the other way, from a sum of money to a quantity of metal, the converter under the markets table takes PAXG, troy ounces, dollars, euros, pounds and yen.