Tether’s gold holdings suffered a $2.65 billion unrealized loss as bullion prices fell from about $4,700 an ounce on Aug. 24 to roughly $4,135 on Sep. 28. The company reported more than 146 metric tons of gold, or approximately 4.7 million troy ounces, in its second-quarter 2026 attestation, backing its XAUT gold-linked token. Gold with 99.99% purity closed at 183,940 won per gram on South Korea’s KRX market, down 9.4% from Aug. 28, while spot gold fell as low as $4,110.55 an ounce. Rising oil prices, inflation concerns, expectations of further Federal Reserve rate increases, a stronger U.S. dollar and higher Treasury yields pressured the non-yielding asset. Global gold ETFs nevertheless attracted $18 billion in August, with holdings rising by 121 tons to a record 4,189 tons.