Gold: Tether flows reshape market structure – Societe Generale

FXStreet Insights Team FXStreet

Societe Generale analysts Michael Haigh, Ben Hoff and Jeremy Sellem highlight how Tether’s expanding Gold holdings have become a major force in the Gold market. They stress that Tether’s flows can rival or exceed those of ETFs and some central banks.

Tether's impact on gold market dynamics

"Recently, Tether released its audited Q4 2025 gold‑holding figures (with a one-month lag) and inflows remain very strong yet again."

"In the last quarter, Tether’s accumulated gold under management reached 125 tonnes, which would make it the 36th‑largest “central bank” based on the World Gold Council’s (WGC) ranking of the top 100 holders even though Tether is obviously not part of the official sector. In terms of flows in Q425, only two central banks purchased more gold than Tether (Poland and Brazil)."

"With 125 tonnes of gold, as of Q425, Tether would rank as the 8th‑largest ETF globally in terms of tonnage held—despite not being an ETF at all, but a digital‑asset issuer. Its rise underscores the rapid pace at which Tether has become a major player in global gold markets."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.