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Gold is trading at $4,427 per troy ounce.
In the precious metals market on Wednesday, gold (XAU/USD) is down by 0.7% and is trading at $4,427 per troy ounce (31.1 grams) of gold.
Platinum on the spot market (XPT/USD) is down by 3%, trading at $2,190 per troy ounce (31.1 grams) of platinum.
The main trading platforms for precious metals are concentrated in the London over-the-counter market (LBMA), the American futures market (COMEX), and the Shanghai Gold Exchange (SGE).
These three centers account for over 90% of the global trading volume:
1. LBMA (London): The center for over-the-counter (OTC) trading, where the main exchange of physical metals takes place through large banks and dealers, setting standard prices (fixing);
2. COMEX (New York): The main platform for trading futures and options on precious metals, setting benchmark prices in the USA;
3. SGE (Shanghai): The key Asian center, which is growing, offering physical gold trading and influencing Asian demand and supply, especially in the context of China.
It is worth noting that the gold market demonstrates high liquidity:
- futures trading provides an average daily turnover of around $50-70 billion;
- the over-the-counter segment (OTC) shows even larger volumes — about $60-80 billion per day.
The overview was presented by Yulia Grishchenko, a member of the Expert Council on Listing of the Moscow Exchange, Ph.D. in Economics, Head of the Department of Financial and Investment Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.
