Gold Dips 0.6% to Trade Around $4500 per Troy Ounce on Thursday

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On Thursday, gold (XAU/USD) fell by 0.6%, trading around $4,500 per troy ounce (31.1 grams).

Platinum (XPT/USD) also dropped by 1.3% on Thursday, with its price settling at $1,800 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 center for OTC trading, where the main exchange of physical metals takes place through large 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 hub, which is growing by 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 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 Industry Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.