Gold prices fall 1% in precious metals market

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Gold (XAU/USD) is down by 1% on the precious metals market, currently trading at $4,690 per troy ounce (31.1 grams).

Platinum (XPT/USD) on the spot market is down by 3.3%, trading at $2,060 per troy ounce (31.1 grams).

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 global trading volume:

1. LBMA (London): The OTC trading center where the majority of physical metal exchanges occur through major 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 US;

3. SGE (Shanghai): The key Asian center that 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, 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.