Gold Trades at $4,785 per Troy Ounce on Friday

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Gold trades at $4,785 per troy ounce on Friday

On Friday, the precious metals market saw the following:

- Gold (XAU/USD) is up 0.1%, trading at $4,785 per ounce (31.1g).

- Platinum (XPT/USD) is down 0.1%, trading at $2,090 per ounce (31.1g).

The main trading venues for precious metals are concentrated in the London Over-the-Counter (OTC) market (LBMA), the U.S. 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 exchange takes 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 U.S. benchmark prices – COMEX (New York);

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

The gold market exhibits 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, Ph.D., Professor at the Department of Operational and Sectoral Management of the Higher School of Management at the Financial University under the Government of the Russian Federation.