Gold prices rise 0.7% in precious metals market

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Gold (XAU/USD) is up 0.7% on the precious metals market, currently trading at $4,400 per troy ounce (31.1 grams).

Platinum (XPT/USD) on the spot market is gaining 1%, trading at $1,760 per troy 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. LBMA (London): The OTC market where major banks and dealers exchange physical metals, setting standard prices (fixing);

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

3. SGE (Shanghai): The key Asian hub, growing in influence with 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 generates 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 Higher School of Management, Financial University under the Government of the Russian Federation.