Gold trades at $4,455 per troy ounce on Friday

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Gold prices hit $4,455 per troy ounce on Friday

On Friday, the precious metals market saw the following changes:

- Gold (XAU/USD) increased by 2%, trading at $4,455 per ounce (31.1g).

- Platinum (XPT/USD) rose by 3%, reaching $1,890 per ounce (31.1g).

The main trading hubs 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 majority of physical metal transactions take place through major banks and dealers, setting benchmark prices (fixing) – LBMA (London);

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

3. The key Asian hub, which is growing rapidly 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 generates an average daily turnover of around $50-70 billion;

- The OTC segment sees even larger volumes – approximately $60-80 billion per day.

This analysis was provided by Alexey Grishchenko, Doctor of Economics, Professor at the Department of Operational and Sectoral Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.