Gold Dips 0.7% to Trade Near $4335 per Troy Ounce on Thursday

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On Thursday, gold (XAU/USD) is down 0.7%, trading around $4,335 per troy ounce (31.1 grams).

Platinum (XPT/USD) is also down 1.3% on Thursday, with its price at $1,730 per ounce.

The main trading hubs 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 major banks and dealers conduct the main exchange of physical metals, setting benchmark prices (fixing);

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

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

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

- Futures trading ensures 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 Operational and Industry Management at the Faculty of "Higher School of Management" of the Financial University under the Government of the Russian Federation.