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.

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