Gold prices rise 0.9% in global markets on Wednesday

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On the global precious metals market, gold (XAU/USD) rose by 0.9% on Wednesday, trading at $4,760 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) increased by 2.3%, priced at $2,090 per troy ounce (31.1 grams).

The major trading hubs for precious metals are concentrated in the London Over-the-Counter 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. LBMA (London): The OTC market hub where major banks and dealers trade physical metals, setting benchmark prices (fixing).

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

3. SGE (Shanghai): The key Asian hub, growing in influence by offering physical gold trading and impacting Asian supply and demand, particularly in the context of China.

It is worth noting that the gold market exhibits high liquidity:

- Futures trading generates an average daily turnover of around $50-70 billion.

- The over-the-counter (OTC) segment sees even larger volumes—approximately $60-80 billion per day.

This overview was 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.