Gold’s New Whales: Tether and India Drive Prices Toward $5,311 Record

Gold is currently trading near a historic ceiling of $5,311, fueled by a convergence of crypto-sector institutionalization via Tether and physical demand from India. While macro traders focus on the Federal Reserve, the underlying physical market is being reshaped.

The 'Crypto Central Bank'

Tether Holdings SA, the issuer of USDT, has become one of the most significant holders of physical gold. The company now holds approximately 140 tons of gold, valued at roughly $23 billion.

This strategy aligns Tether with sovereign states. In the past year, they purchased over 70 tons of bullion, surpassing most central banks except Poland. CEO Paolo Ardoino aims to utilize profits from US Treasury yields to diversify into hard assets.

For the Forex market, this links the USD-pegged stablecoin market and XAU/USD. Their dollar-cost averaging of approx. 1-2 tons weekly acts as a relentless bid.

Indias Import Surge & Market Shifts

Traditional demand remains robust. India saw imports surge to $58.9 billion in 2025, a 1.6% rise despite high prices. Strikingly, silver imports leaped 44%.

Currently, the dynamic suggests a shift from jewelry to investment. Indian gold ETF inflows surged 283% year-over-year, indicating fear of currency debasement.

Data Snapshot

• Tether Gold Holdings: 140 tons (~$23 billion)
• Tether Annual Buying Rate: >70 tons
• India 2025 Imports: $58.9 billion (+1.6%)
• Silver Imports Change: +44%
• Indian ETF Inflows: +283%

Technical Outlook

• Key Support: XAU/USD has successfully turned the psychological $5,000 level into support.
• Momentum: Indicators show overbought conditions with RSI near 88.