Gold prices surge 2.5% to trade at $4662 on global markets

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On the global precious metals market, gold (XAU/USD) rose by 2.5% on Wednesday, trading at $4,662 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) increased by 2.2%, trading at $2,000 per troy ounce (31.1 grams).

The major trading hubs 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 OTC trading center where major banks and dealers conduct the bulk of physical metal exchanges, setting benchmark prices (fixing).

2. COMEX (New York): The primary platform for trading futures and options on precious metals, setting reference 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 provides an average daily turnover of around $50-70 billion;

- The OTC segment demonstrates 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" Faculty at the Financial University under the Government of the Russian Federation.