Gold Dips 0.3% to Trade Around $5067 per Troy Ounce on Thursday

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On Thursday, gold (XAU/USD) is down by 0.3%, trading around $5067 per troy ounce (31.1g).

Platinum (XPT/USD) is also down by 0.4% on Thursday, priced at $2130 per ounce.

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 global trading volume:

1. LBMA (London): The hub for OTC trading where major banks and dealers exchange physical metals, setting benchmark prices (fixing);

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

3. SGE (Shanghai): The key Asian center that is growing rapidly, offering physical gold trading and influencing Asian supply and demand, particularly in the context of China.

It is worth noting that the gold market exhibits high liquidity:

- Futures trading accounts for 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, Ph.D., 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.