Gold and its cryptocurrency derivatives surged Thursday night as investors sought refuge in the safe haven following Israel's strikes on Iran.
What happened: Spot gold was up 1.20% to $3,427.51 per ounce as of this writing, its highest level in more than a month. Gold futures on the Commodity Exchange were up 1.63% to $3,457.70.
The latest spike extended the yellow metal's year-to-date gains past 30%.
The gains flowed down to physical gold-backed cryptocurrencies, causing similar increases in Tether Gold and PAX Gold.
The two coins also extended their year-to-date gains past 30%, becoming one of the most valuable cryptocurrency investments in 2025.
These returns contrasted with the drop in heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which were down 3.38% and 8.91%, respectively, as of this writing.
Renowned gold bug Peter Schiff contrasted gold's rise with Bitcoin's decline, calling into question the apex cryptocurrency’s widely touted safe-haven narrative.
"How can anyone consider Bitcoin to be a digital version of gold?," he asked.
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