Gold trading volumes continue to rise

Goldhub blog

Gold trading volumes continue to rise

Adam Perlaky
Manager of Investment Research
World Gold Council

Posted:

Liquidity:

  • Trading volumes continued to increase to begin September, 108% above the 2018 average, driven by COMEX and Shanghai Futures Exchange volumes.
  • COMEX net longs inched up to all-time highs for a second week in a row (long 1,134 tonnes). 
  • Futures open interest continues to move higher at $119bn, driven mostly by COMEX, and is 60% above the 2018 average.

 

COMEX Net Longs

Source: CFTC, Bloomberg

 

Gold-backed ETF flows:

  • $946mn worth of inflows last week across all regions, primarily in North America and China.
  • Year-to-date flows surpassed $15bn or 11% holdings’ growth.
  • See our August ETF report we released last Thursday.

 

Price Behavior:

  • Realized volatility spiked last week and 30-day vol is at 17, averaging over a 1% move over the past 30-days, nearly the highest in the past year.
  • Gold fell back to the Fibonacci level of $1,520 which could act as support as the price consolidates