During times of crisis, gold returns to its role as a safe haven, confirming it during the Wall Street crash, with silver holding ground as a result. The sell-off in AI stocks overwhelmed equities and crypto, while metals defended their weekly gains despite an overall balance for 2026 that remains negative. Meanwhile, tokenized gold continues to attract new holders, boosting the value of commodities in the RWA sector. Gold rises amidst the Wall Street crash.
Yesterday, the sell-off in AI stocks dragged down Wall Street, with Nasdaq futures down -6.35% and the S&P 500 at -4.37%. Among the most prominent names, Nvidia and CoreWeave collapsed, leading the decline across the data center supply chain. Crypto followed suit, with Bitcoin dropping -5.50% and Ethereum, the worst performer of the two, falling -7.70%. Among other tokens, Hyperliquid lost -8.53% and Solana -6.55%. HYPE ($78.28, ▼ -6.03%) also recorded its worst November, down -11.06% since the beginning of the month.
Gold is returning to act as a safe haven, as demonstrated by yesterday's session closing at +0.99%. Silver settled at -0.02% but stood its ground, defending its +6.08% weekly gain compared to gold's +5.41%. Supporting the rise of both metals was also the drop in government bond yields. Palladium gained +4.09%, while copper dropped -3.10%. Since the start of 2026, however, the overall balance remains negative, ranging from gold's -5.80% to palladium's -37.28%.
Gold rebounds from lows toward resistance.
On the daily chart, we can observe gold's price action starting from late July, when the price consolidated until early August. From there, a breakout occurred, driving a bullish rally just below the vector resistance at $4,800. Following the peak, a contraction phase began inside the downward channel, reaching last week's low at $3,879. A bounce was triggered from this point, breaking out of the channel and hitting a first resistance area around $4,210. The primary resistance level, however, lies in the $4,310 zone.
Tokenized gold, the value keeps growing
In the RWA sector—that is, real-world assets brought onto the blockchain in the form of tokens—commodities are worth $5.34 billion. Over the last 30 days, the total value rose by +1.81%, driven primarily by gold tokens. Holders also increased to 482,840, up +2.73% over the same period. The chart shows growth since 2025, with the current value still below the peak reached in early 2026, when it nearly touched $6 billion.
XAUT and PAXG dominate gold-backed tokens
Two issuers alone control nearly the entire market, as shown by the ranking, with Tether Holdings at 58.12% and Paxos at 33.85%. Tether Gold (XAUT) is worth $3.12 billion and has grown +2.99% over 30 days, with 144,134 holders. PAX Gold (PAXG) stands at $1.81 billion, with +0.13% growth and 108,081 holders. Among the others, BT Asset Hub stands out, ranking third with $161.6 million and a surge of +17.92%. Ondo, on the other hand, drops to $30.9 million, down -30.51%.
The US jobs report is the next test for gold
Today, attention shifts to the October US jobs report, featuring Nonfarm Payrolls, expected at 2:30 PM Italian time. The data will weigh on expectations for the Fed and consequently on the yields that influence gold and silver.
