Gold prices dip 0.5% in precious metals market correction

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Gold (XAU/USD) is correcting by 0.5%, with the current quote at $4,655 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) is down by 0.4%, trading at $1,981 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 the global trading volume:

1. LBMA (London): The center for OTC trading, where the primary exchange of physical metals takes place through major banks and dealers, setting benchmark prices (fixing);

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

3. SGE (Shanghai): The key Asian center, which is growing by offering physical gold trading and influencing 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 "Higher School of Management" Faculty at the Financial University under the Government of the Russian Federation.