PAX Gold Token Spikes 20% Above Gold Price Amid Middle East Tensions as Investors Question Bitcoin's Safety

PAX Gold (PAXG) token spiked to $2,923 on Saturday, trading at a 20%+ premium to gold's spot price of $2,342.90 per ounce
The price surge comes amid escalating geopolitical tensions between Iran, Israel, and the US
PAXG has a market cap over $446 million, making it the 2nd largest gold-backed digital asset after Tether Gold (XAUT)
Unlike PAXG, other gold tokens like XAUT did not see a similar price spike over the weekend
Bitcoin traded down over the weekend and was negatively correlated with PAXG, raising questions about its efficacy as a geopolitical hedge