Gold Hits Record High of $4,850 per Troy Ounce

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On Wednesday, gold (XAU/USD) is up by 2% and trading at $4,850 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) is rising by 1%, currently quoted at $2,450 per troy ounce (31.1 grams).

The main trading hubs for precious metals are concentrated in the London Over-the-Counter (OTC) market (LBMA), the U.S. futures market (COMEX), and the Shanghai Gold Exchange (SGE).

These three centers account for over 90% of global trading volume:

1. LBMA (London): The OTC market where major banks and dealers trade physical metals, setting benchmark prices (fixing);

2. COMEX (New York): The primary platform for trading futures and options on precious metals, setting U.S. benchmark prices;

3. SGE (Shanghai): A key Asian hub that is growing, offering physical gold trading and influencing Asian supply and demand, particularly 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 OTC segment shows even larger volumes—approximately $60-80 billion per day.

This overview was presented by Yulia Grishchenko, a member of the Expert Council on Listing at the Moscow Exchange, Ph.D. in Economics, and 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.