Trading volumes

Data categories: Liquidity data

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.

Average annual trading volumes

Average daily trading volumes in US$*

Data as of

Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, London Bullion Market Association, World Gold Council; Disclaimer

*Based on estimated annual average trading volumes as of 31 December 2018, except for currencies that correspond to 2017 volumes due to data availability.

**Gold liquidity includes estimates on over-the-counter (OTC) transactions, and published statistics on futures exchanges, and gold-backed exchange-traded products.
 

Trading Volumes

Data as of

Sources: Bloomberg, COMEX , Dubai Gold & Commodities Exchange, ICE Benchmark Administration, London Bullion Market Association, London Metal Exchange, Multi Commodity Exchange of India, Shanghai Gold Exchange, Shanghai Futures Exchange, Tokyo Commodities Exchange, World Gold Council; Disclaimer

Note: To purchase historical CME data, please visit CME DataMine

Data Series Description

Volumes represent daily averages in US$ billion over each corresponding period. YTD, QTD and November estimates correspond to daily averages as of 23/11/2018 or the most recent available date. Data for Pre-LBMA-i is as of 30 October 2018. Data for LBMA-i starts 12 November 2018. Data for physical gold contracts on the Shanghai Gold Exchange are reported with a lag.

* Indicates non-available current data. Last available figures are used instead for reference only.

† OTC daily volumes prior to November 2018 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: 2x for a low estimated volume and 3x for a high estimated volume with a mid-value of 2.5x. These multipliers are based on anecdotal evidence as well as from a one-off turnover survey published by the LBMA in 2011. And they have been historically revised down as of 20 November 2018 to incorporate newly published data based on the LBMA-i survey. Note that these estimates are subject to periodical historical revisions as more OTC data becomes available.

†† LBMA-i volumes based on the weekly report by the LBMA first published 20 November 2018: http://www.lbma.org.uk/lbma-i

‡"Non-LBMA-i" OTC estimates represent trading volumes not captured by the LBMA-i data set. This figure is intended to account for trading by non-LBMA members or by the platforms not included in the report. Based on anecdotal evidence, we estimate that “non-LBMA-i” trading may contribute with an additional 0.5x to 1x times the volume reported by LBMA-i, with a mid-value of 0.75x. Note that these estimates are subject to periodical historical revisions as more data becomes available. For more information, see: Market Update: increased transparency on gold trading.

∂ LME gold futures exchange includes volume since inception 7/10/2017.

§ Shanghai Gold Exchange (SGE) volume includes physical, margin and OTC contracts. For more details see: https://www.en.sge.com.cn/data_MonthlyReport

^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

Update Schedule

All data is updated daily based on end of day files

Units

Units are based on US$bn