Gold Trades at $4,676 per Troy Ounce on Friday

© Региональные новости

Gold trading at $4,676 per troy ounce on Friday

On Friday, the precious metals market saw the following:

- Gold (XAU/USD) dropped by 2%, trading at $4,676 per ounce (31.1g).

- Platinum (XPT/USD) rose by 0.1%, trading at $1,990 per ounce (31.1g).

The main trading hubs 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. The OTC market hub, where physical metals are primarily exchanged through major banks and dealers, setting benchmark prices (fixing) - LBMA (London);

2. The main futures and options trading platform, setting the benchmark prices in the U.S. - COMEX (New York);

3. The key Asian center, which is growing, offering physical gold trading and influencing Asian supply and demand, especially 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.

Overview presented by Alexey Grishchenko, Ph.D., Professor of the Department of Operational and Sectoral Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.