It's an ERC-20 token and 1 token = 1 troy oz. The issuer is a coalition of cryptocurrency companies (Universal Protocol Alliance)
A token is collateralized by a certificate from Infinigold (an Australian Fintech startup working on the digitalization of gold and precious metal). It's then published on the blockchain and audited by Certik
The physical gold is at the Perth Mint in Western Australia hence the 'government-backed' since it's owned by the government of Western Australia
Hmm, this could actually be interesting. Thank you for the answers.
Since my search didn't return any ANN and since the coingecko link were not showing any trading volume, I assumed it's some new gold scam token.
So...
Is there a proper announcement for this? I mean that searching for Infinigold (which seems to be Trovio now) I got to 2 tokens, PMGT and UPXAU?!