Gold rises 0.6% to trade at $4058 on global markets

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In the global precious metals market on Wednesday, gold (XAU/USD) rose by 0.6% and was trading at $4,058 per troy ounce (31.1 grams).

Platinum on the spot market (XPT/USD) increased by 1.1%, trading at $1,560 per troy ounce (31.1 grams).

The main trading hubs for precious metals are concentrated on 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 majority of physical metal exchanges occur through major 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 U.S.;

3. SGE (Shanghai): The key Asian hub, which is growing by 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 of the Department of Operational and Sectoral Management at the Higher School of Management of the Financial University under the Government of the Russian Federation.