Gold trades at $4,173 per troy ounce on Friday

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Gold Prices Soar to $4,173 per Troy Ounce on Friday

On Friday, the precious metals market saw the following:

- Gold (XAU/USD) rose by 1.2%, trading at $4,173 per ounce (31.1 grams).

- Platinum (XPT/USD) increased by 2.1%, trading at $1,660 per ounce (31.1 grams).

The main 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. The OTC market, where physical metals are primarily exchanged through major banks and dealers, setting benchmark prices (fixing) - LBMA (London);

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

3. The key Asian center, which is growing and offering physical gold trading, 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, 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.