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 2017, except for currencies that correspond to 2016 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 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

Update Schedule

All data is updated weekly based on end of day files

Units

Units are based on US$bn