A deep and liquid market

20 January, 2022

The gold market is large, global, and highly liquid. 

We estimate that physical gold holdings by investors and central banks are worth approximately US$4.9tn, with an additional US$1.2tn in open interest through derivatives traded on exchanges or the over-the-counter (OTC) market (Chart 16a).

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of various major assets in US dollars*

Gold trades more than many other major financial assets
One-year average trading volumes of various major assets in US dollars*
*Average daily volumes from 31 December 2010 to 31 December 2020, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

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

*Average daily volumes from 31 December 2010 to 31 December 2020, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products.

On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in pound sterling*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in pound sterling*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

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

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of various major assets in euros*

Gold trades more than many other major financial assets
One-year average trading volumes of various major assets in euros*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

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

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in yen*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in yen*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

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

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in Singapore dollars*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in Singapore dollars*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

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

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in RMB*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in RMB*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: Bloomberg, Bank for International Settlements, China Securities Co., UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council

Sources: Bloomberg, Bank for International Settlements, China Securities Co., UK Debt Management Office (DMO), Germany Finance Agency, Japan Securities Dealers Association, Nasdaq, World Gold Council; Disclaimer

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in rupees*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in rupees*
*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. On Goldhub.com see: Gold trading volumes. Sources: BSE, Department of Economic Affairs , Japan Securities Dealers Association, NSE, World Gold Council

Sources: BSE, Department of Economic Affairs , Japan Securities Dealers Association, NSE, World Gold Council; Disclaimer

*Average daily volumes from 1 January 2021 to 31 December 2021, except for currencies that correspond to March 2019 volumes due to data availability.
**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. 
On Goldhub.com see: Gold trading volumes.

 

Chart 10: Gold trades more than many other major financial assets

Gold trades more than many other major financial assets

One-year average trading volumes of a number of major assets in Australian dollars*

Gold trades more than many other major financial assets
One-year average trading volumes of a number of major assets in Australian dollars*
*ASEAN-6 equities average daily volumes correspond to data one year to Nov 2021 for SGX and IDX, one year to Oct 2021 for PSE, one year to Apr 2021 for HOSE and FY2021 for Bursa Malaysia and SET. ASEAN-6 govt bonds are for FY2020. Daily average volumes for AUS equities are as of YTD end-Sept 2021. Volume for AUS treasuries is based on secondary transactions only and corresponds to the period in 2019-2020. Data for other assets are from Dec 2020 to Dec 2021, except for currencies that correspond to March 2019 volumes due to data availability. FX converted based on the average FX rate over the stated period. **Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange traded products. Shaded area of gold volumes represents the estimated non-reported LBMA trade data. Sources: Asia Development Bank (Asian Bonds Online), Australia Office of Financial Mgmt, Australian Securities and Investments Commission, Bloomberg, Bank for International Settlements, Bursa Malaysia, UK Debt Management Office (DMO), Germany Finance Agency, Ho Chi Minh City Stock Exchange and Philippine Stock Exchange, Indonesia Stock Exchange, Japan Securities Dealers Association, Nasdaq, The Stock Exchange of Thailand, Singapore Exchange, World Gold Council

Sources: Asian Development Bank, Australia Office of Financial Mgmt, Australian Securities and Investments Commission, Bloomberg, Bank for International Settlements, UK Debt Management Office (DMO), Germany Finance Agency, Ho Chi Minh City Stock Exchange and Philippine Stock Exchange, Indonesia Stock Exchange, Japan Securities Dealers Association, Nasdaq, The Stock Exchange of Thailand, Singapore Exchange, World Gold Council; Disclaimer

*ASEAN-6 equities average daily volumes correspond to data one year to Nov 2021 for SGX and IDX, one year to Oct 2021 for PSE, one year to Apr 2021 for HOSE and FY2021 for Bursa Malaysia and SET. ASEAN-6 govt bonds are for FY2020. Daily average volumes for AUS equities are as of YTD end-Sept 2021. Volume for AUS treasuries is based on secondary transactions only and corresponds to the period in 2019-2020. Data for other assets are from Dec 2020 to Dec 2021, except for currencies that correspond to March 2019 volumes due to data availability. FX converted based on the average FX rate over the stated period. 

**Gold liquidity includes estimates of OTC transactions and published statistics on futures exchanges, and gold-backed exchange traded products. Shaded area of gold volumes represents the estimated non-reported LBMA trade data.

The gold market is also more liquid than several major financial markets, including euro/yen and the Dow Jones Industrial Average, while trading volumes are like those of US 1-3 year treasuries and US T-Bills (Chart 10). Gold’s trading volumes averaged approximately US$131bn per day in 2021. During that period, OTC spot and derivatives contracts accounted for US$72bn and gold futures traded US$56.3bn per day across various global exchanges. Gold-backed ETFs (gold ETFs) offer an added source of liquidity, with global gold ETFs trading an average of US$2.4bn per day (Chart 11).

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in US dollars. Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in US dollars.
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in pound sterling Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in pound sterling
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in euros. Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in euros.
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

*2021年のアクセス日時点の平均日次売上高

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in yen Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

* 2021年1月1日~2021年12月31日の平均日次売上高金の流動性には、相対取引(OTC)の推定値、先物取引と金を裏付けとするETPに関する公表データを含む。詳しくは、Goldhub.comGold trading volumes のセクションを参照 

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in SGD. Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in SGD.
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in RMB Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in RMB
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

 

Chart 11: Gold is liquid across key investment platforms

Gold is liquid across key investment platforms

Average daily trading volume by point of access in 2021*

Gold is liquid across key investment platforms
Average daily trading volume by point of access in 2021*
"*Average daily trading volume from 1 January 2021 to 31 December 2021 in AUD Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com." Sources: Bloomberg, Nasdaq, World Gold Council

Sources: Bloomberg, Nasdaq, World Gold Council; Disclaimer

"*Average daily trading volume from 1 January 2021 to 31 December 2021 in AUD
Gold liquidity includes estimates of over-the-counter (OTC) transactions and published statistics on futures exchanges, and gold-backed exchange-traded products. For more information, see Gold trading volumes on Goldhub.com."

The scale and depth of the market mean that it can comfortably accommodate large, buy-and-hold institutional investors. In stark contrast to many financial markets, gold’s liquidity does not dry up, even at times of financial stress, making it a much less volatile asset (Chart 12). 

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in US dollars between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘Global equities’: MSCI Daily Gross EAFE, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Agriculture’: S&P Agriculture Index; ‘Copper’: S&P GSCI Copper Official Close Index; ‘Private Equity’: S&P Listed Private Equity Index; ‘REITs’: FTSE Nareit Equity REITs Index USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in US dollars between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘Global equities’: MSCI Daily Gross EAFE, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Agriculture’: S&P Agriculture Index; ‘Copper’: S&P GSCI Copper Official Close Index; ‘Private Equity’: S&P Listed Private Equity Index; ‘REITs’: FTSE Nareit Equity REITs Index USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘Global equities’: MSCI AC World Daily TR Gross USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'FTSE 100': FTSE 100 Total Return Index GBP, 'UK Corp Bonds': S&P U.K. Investment Grade Corporate Bond Index Total Return, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘Global equities’: MSCI AC World Daily TR Gross USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'FTSE 100': FTSE 100 Total Return Index GBP, 'UK Corp Bonds': S&P U.K. Investment Grade Corporate Bond Index Total Return, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'MSCI India': MSCI India Total Return Index, 'India equities': S&P BSE Index, 'UK Corp Bonds': S&P U.K. Investment Grade Corporate Bond Index Total Return, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'MSCI India': MSCI India Total Return Index, 'India equities': S&P BSE Index, 'UK Corp Bonds': S&P U.K. Investment Grade Corporate Bond Index Total Return, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in yen between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM USD, ‘Commodities’: Bloomberg Commodity Index Total Return, ‘Silver’: LBMA Silver Price; ‘Crude oil’: WTI Crude Oil Subindex Total Return; ‘Copper’: S&P GSCI Copper Official Close Index TR; 'Platinum': S&P GSCI Platinum Index TR; 'Japanese equities': Nikkei 225 Index, MSCI Kokusai Gross Total Return JPY Index; 'Japan Bonds': MSCI Japan Gross Total Return Local Index; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in yen between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM USD, ‘Commodities’: Bloomberg Commodity Index Total Return, ‘Silver’: LBMA Silver Price; ‘Crude oil’: WTI Crude Oil Subindex Total Return; ‘Copper’: S&P GSCI Copper Official Close Index TR; 'Platinum': S&P GSCI Platinum Index TR; 'Japanese equities': Nikkei 225 Index, MSCI Kokusai Gross Total Return JPY Index; 'Japan Bonds': MSCI Japan Gross Total Return Local Index; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘EM equities’: MSCI Daily Gross EM; ‘DM equities’: MSCI World TR Gross USD, ‘Gold’: LBMA Gold Price PM USD, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR; 'Singapore equities': STI Index; 'Asian equities': Kopsi Index, KLCI Index; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘EM equities’: MSCI Daily Gross EM; ‘DM equities’: MSCI World TR Gross USD, ‘Gold’: LBMA Gold Price PM USD, ‘Commodities’: Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR; 'Singapore equities': STI Index; 'Asian equities': Kopsi Index, KLCI Index; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily Gross EM; ‘DM equities’: MSCI EAFE TR Gross USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: CSI Commodity Index, Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR; 'China equities': CSI 300 Index; 'REITs': FTSE Nareit Equity REITs Index USD; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in pound sterling between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily Gross EM; ‘DM equities’: MSCI EAFE TR Gross USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: CSI Commodity Index, Bloomberg Commodity Index, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR; 'China equities': CSI 300 Index; 'REITs': FTSE Nareit Equity REITs Index USD; 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in rupees between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index Total Return, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'MSCI India': MSCI India Total Return Index, 'India equities': S&P BSE Index, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD. On Goldhub.com see: Gold volatility Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council

Sources: Bloomberg, COMEX, ICE Benchmark Administration, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in rupees  between 31 December 2001 and 31 December 2021. Computations for ‘S&P 500’: S&P 500 Index; ‘EM equities’: MSCI Daily TR Gross EM; ‘DM equities’: MSCI Daily TR Gross EAFE USD, ‘Gold’: LBMA Gold Price PM, ‘Commodities’: Bloomberg Commodity Index Total Return, ‘Silver’: LBMA Silver Price; ‘Crude oil’: Bloomberg WTI Crude Oil; ‘Copper’: S&P GSCI Copper Official Close Index; 'Platinum': S&P GSCI Platinum Index TR, 'MSCI India': MSCI India Total Return Index, 'India equities': S&P BSE Index, 'Global Bonds': Bloomberg Barclays Global-Aggregate Total Return Index Value Unhedged USD.

On Goldhub.com see: Gold volatility

 

Chart 12: Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand

Average daily volatility of several major assets since 2001*

Gold has been less volatile than many equity indices, alternatives and commodities because of its scale, liquidity, and diverse sources of demand
Average daily volatility of several major assets since 2001*
*Annualised volatility is computed based on daily returns in US dollars between 31 December 2001 and 31 December 2021. Computations in Australian dollars of total return indices for Bloomberg Global Aggregate Total Return Index AUD Hedged, Bloomberg AusBond Composite 0+ Yr Index, MSCI World ex-AUS Index, Bloomberg Commodity Index, S&P/ASX 300 Index, MSCI ASEAN Index, MSCI EAFE Index, MSCI APAC Index, LBMA Silver Price, Bloomberg WTI Crude Oil Subindex, S&P GSCI Copper Official Close Index, S&P GSCI Platinum Index and LBMA Gold Price. On Goldhub.com see: Gold volatility Sources: Bloomberg, World Gold Council

Sources: Bloomberg, World Gold Council; Disclaimer

*Annualised volatility is computed based on daily returns in US dollars between 31 December 2001 and 31 December 2021. Computations in Australian dollars of total return indices for Bloomberg Global Aggregate Total Return Index AUD Hedged, Bloomberg AusBond Composite 0+ Yr Index, MSCI World ex-AUS Index, Bloomberg Commodity Index, S&P/ASX 300 Index, MSCI ASEAN Index, MSCI EAFE Index, MSCI APAC Index, LBMA Silver Price, Bloomberg WTI Crude Oil Subindex, S&P GSCI Copper Official Close Index, S&P GSCI Platinum Index and LBMA Gold Price.

On Goldhub.com see: Gold volatility

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