Gold Rises 0.5% in Global Precious Metals Market on Wednesday

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On the global precious metals market, gold (XAU/USD) rose by 0.5% on Wednesday, trading at $4,360 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) increased by 0.3%, quoted at $1,722 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 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 market where the primary exchange of physical metals takes place through major banks and dealers, setting standard prices (fixing);

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

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, 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.