Gold prices dip 0.8% in global market correction on Tuesday

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On Tuesday, gold (XAU/USD) is experiencing a correction of 0.8% and is trading at $4,790 per troy ounce (31.1 grams) of gold on the global precious metals market.

Platinum on the spot market (XPT/USD) is up 0.1% and is currently trading at $2,090 per troy ounce (31.1 grams) of platinum.

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. The OTC trading center, where the main exchange of physical metals takes place through large banks and dealers, setting standard prices (fixing) - LBMA (London);

2. The main platform for trading futures and options on 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, 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.

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.