Gold Rises 0.8% to Trade Near $4310 per Troy Ounce on Thursday

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On Thursday, gold (XAU/USD) is up by 0.8%, trading around $4,310 per troy ounce (31.1 grams).

Platinum (XPT/USD) is also rising by 2% on Thursday, with its price at $1,790 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 exchange physical metals, setting benchmark prices (fixing).

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

3. SGE (Shanghai): The key Asian hub, growing in influence by offering physical gold trading and impacting 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 USD;

- The OTC segment shows even larger volumes — approximately $60-80 billion USD per day.

This overview was presented by Alexey Grishchenko, Ph.D., Professor at the Department of Operational and Sectoral Management of the Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.