Gold is a liquid asset, ranking at levels comparable to many global stock markets as well as currency spreads. Its liquidity is often sourced during periods of stress in the markets, one of its appealing qualities. We examine liquidity across the global OTC, futures, and ETF markets. We then provide an overview/ aggregation of gold trading volumes across trading venues in US$ billions.
Data Series Description
Volumes represent daily averages in US$ billion over each corresponding period. YTD, QTD and Latest Month estimates correspond to daily averages as of the most recent available date. Data for Loco London and physical gold contracts on the Shanghai Gold Exchange come with a lag.
* Indicates non-available current data. Last available figures are used instead for reference only.
†Loco London OTC daily volumes are estimates based on clearing statistics published by the LBMA: http://www.lbma.org.uk/clearing-statistics. These figures are net transactions. To estimate gross volumes we use two multipliers: 5 for a minimum estimated volume and 10 for a maximum estimated volume. These multipliers are derived from anecdotal evidence as well as from a turnover survey published by the LBMA in 2011
‡ LME gold futures exchange includes volume since inception 7/10/2017
§ Shanghai Gold Exchange (SGE) volume is broken up between Futures and Physical contracts. Greyed-out figures are volumes based on last available periods.
‖ Includes: Dubai Gold & Commodities Exchange, ICE Futures, US Metals, Borsa Istanbul, Bursa Malaysia, Moscow Exchange - RTSX, Tokyo Commodity Exchange.
A list of all physical gold-backed ETFs (and similar products) included in this calculation is available on: https://www.gold.org/goldhub/data/global-gold-backed-etf-holdings-and-flows
Length and frequency
Data goes back to the beginning of the previous year
All data is updated weekly based on end of day files
Units are based on US$bn