Gold prices dip 0.1% on global market Tuesday

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On Tuesday, gold (XAU/USD) is trading down by 0.1% at $5020 per troy ounce (31.1 grams) on the global precious metals market.

Platinum (XPT/USD) on the spot market is up by 1.6% and is trading at $2150 per troy ounce (31.1 grams).

The main trading venues 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. The OTC market, where the primary exchange of physical metals takes place through major banks and dealers, setting benchmark prices (fixing) – LBMA (London);

2. The main futures and options trading platform for precious metals, setting benchmark prices in the US – COMEX (New York);

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

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.