The latest research by CoinGecko shows that the correlation between Tether Gold, a stable currency backed by gold, and the spot price of gold has increased. In the first quarter of 2020, the trading volume of gold-backed tokens surged by 275%. However, in the case of low liquidity, Tether Gold lags behind the price of gold. When the market collapsed, a large number of traders turned to safe-haven assets, which increased the transaction volume, resulting in a higher correlation between the gold-backed stablecoins and the price of gold. Paxos Gold, like Tether Gold, reflects a similar trend.