Gold Trades at $4,848 per Troy Ounce on Friday

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Gold prices rose 1.5% to $4,848 per troy ounce on Friday.

Here’s how the precious metals market performed on Friday:

- Gold (XAU/USD) rose 1.5% to $4,848 per ounce (31.1 grams).

- Platinum (XPT/USD) fell 1.2% to $1,670 per ounce (31.1 grams).

Three major trading hubs dominate the global precious metals market, accounting for over 90% of global trading volume:

1. The London Bullion Market Association (LBMA), the center for over-the-counter (OTC) trading where physical metals are primarily exchanged between major banks and dealers, setting benchmark prices.

2. The Commodity Exchange (COMEX) in New York, the main futures and options trading platform for precious metals, setting the U.S. benchmark prices.

3. The Shanghai Gold Exchange (SGE), a growing Asian hub for physical gold trading, influencing supply and demand in the region, especially in China.

The gold market demonstrates high liquidity:

- Futures trading accounts for an average daily turnover of around $50-70 billion.

- The over-the-counter (OTC) segment sees even larger volumes, averaging $60-80 billion per day.

Reviewed by Yulia Grishchenko, Ph.D., 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.