Gold holds steady near $4,385 per troy ounce in Friday trading

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Gold prices are holding steady at around $4,385 per troy ounce on Friday.

Here’s what’s happening in the precious metals market on Friday:

- Gold (XAU/USD) is up 1%, trading at $4,385 per ounce (31.1 grams).

- Platinum (XPT/USD) is rising 1.8%, trading at $1,835 per ounce (31.1 grams).

The major 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. The OTC market, where the main exchange of physical metals takes place through large banks and dealers, setting standard prices (fixing) - LBMA (London);

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

3. The key Asian center, which is growing and offering physical gold trading, influencing Asian supply and demand, especially in the context of China - SGE (Shanghai).

The gold market shows high liquidity:

- Futures trading provides an average daily turnover of around $50-70 billion;

- The OTC segment shows even larger volumes - about $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 Faculty of "Higher School of Management" at the Financial University under the Government of the Russian Federation.