The gold market faces mounting challenges due to a looming physical supply cap driven by significant stockouts and multi-month withdrawal bans. This crisis is intersecting with the rising issuance of tokenized gold, possibly leading to a repricing of token values. Concurrently, Turkey's recent gold sales and Sudan's declining exports to the UAE are highlighting the uneven liquidity dynamics in the market. With mixed investor sentiment, many are advised to hedge or reduce long positions in tokenized gold assets as they await a clearer resolution to these supply constraints.