The new coin from Tether will indeed be backed up with gold from a vault in Switzerland and will have the ticker XAUT. Holders of this asset will actually be able to exchange it for real gold, but only after passing verification. There will also be a minimum amount that can be exchanged for gold.
Even if it is from the same team who claimed that they have all the dollars backed for USDT and then we came to know that they never backed everything with dollar and they have a shady past and hence i will not believe what they are claiming and for that whether they will be procuring gold now when the price is high and from where they will be procuring, i bet nothing will be transparent looking at their past.