Gold prices drop 1.9% to $4589 per troy ounce

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In the precious metals market, gold (XAU/USD) is experiencing a decline of 1.9%, with the current quote standing at $4,589 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) is rising by 0.4%, trading at $1,990 per troy ounce (31.1 grams).

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

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

3. SGE (Shanghai): The key Asian center, which is growing, offering physical gold trading and influencing Asian demand and supply, 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, 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.