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Gold (XAU/USD) is gaining 1% in the precious metals market, currently trading at $5012 per troy ounce (31.1 grams).
Platinum on the spot market (XPT/USD) is down 0.2%, trading at $2100 per troy ounce (31.1 grams).
The main trading platforms for precious metals are concentrated in the London Over-the-Counter (OTC) market (LBMA), the American 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 exchange physical metals, setting standard prices (fixing);
2. COMEX (New York): The primary futures and options trading platform for precious metals, setting benchmark prices in the U.S.;
3. SGE (Shanghai): The key Asian center, growing in influence by offering physical gold trading and impacting 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 Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.
