Why Did PonteGold (GOLDP) Price Drop? - 15.04.2024

GOLDp is a digital asset where each token is equal to 0.01 grams of gold. The physical gold used as the underlying asset consists of globally recognized standard gold bars of 995 millyem karat (0.995 purity), produced by LBMA accredited refineries. Gold for each token created is physically held in Loco London correspondent bank accounts through Golden Global Bank or in Borsa Istanbul Precious Metals and Stones Market.

The GOLDp price was on the rise during the Iran-Israel tensions over the weekend. The tension in the Middle East caused a significant drop in the price of risky assets. With this decline, investors turned to investment instruments that they characterized as safe havens. One of these was gold. The price of the gold-based GOLDP had also risen for this reason. However, after the situation calmed down, there were outflows from investment instruments such as gold due to the re-entry of money into risky investment instruments. The GOLDP price may have fallen for this reason.