**[Jefferies Report: Tether Identified as Key Driver of Recent Gold Price Surge]** Investment bank Jefferies has reported that Tether is the primary new buyer in the recent gold market, driving the surge in gold prices. The report indicates that on-chain data confirms Tether's significant accumulation of gold over the past few months, which has created a tightening effect on gold supply. As of the end of the third quarter, Tether held approximately 116 tons of gold, with 12 tons backing its XAUt token (valued at approximately $1.57 billion) and about 104 tons supporting its stablecoin USDT (valued at approximately $13.67 billion). In the third quarter, Tether increased its gold holdings by approximately 26 tons, accounting for 2% of global gold demand during the same period. Jefferies analysts predict that as Tether's business expands, gold is expected to comprise about 7% of its reserves.