Trading Volumes

FY 2018 YTD 2019 Q2 2019 QTD Jul 2019 Aug 2019 MTD

Pre-LBMA-i (Mid
62.52
†)

LBMA-i †† *35.02 *43.57 41.61 *53.46 48.52 58.06 *56.78

OTC
Non-LBMA-i (Mid
*26.27 *32.68 31.21 *40.09 36.39 43.54 *42.59
‡)

Total (Mid) *61.91 *76.25 72.82 *93.55 84.92 101.60 *99.37

COMEX 41.09 46.58 40.93 64.40 61.34 65.81 67.69

Shanghai
Futures 2.78 8.74 6.35 15.55 10.56 19.34 18.39
Exchange

Shanghai Gold
5.35 5.44 4.93 6.81 9.70 11.02 *9.99
Exchange §
Exchanges
LME ∂ 0.29 0.34 0.26 0.09 0.09 0.04 0.02

All other
1.46 1.86 1.55 2.63 2.20 3.05 2.67
exchanges ^

Total
50.96 62.95 54.02 89.48 83.89 *99.27 *98.77
Exchanges

North America 1.09 1.48 1.15 2.13 1.69 2.53 2.19

Europe 0.06 0.07 0.07 0.10 0.08 0.11 0.11

Asia 0.19 0.26 0.30 0.26 0.23 0.28 0.28

Gold ETFs
Other 0.00 0.01 0.01 0.01 0.01 0.02 0.01

Total gold-
1.34 1.82 1.52 2.50 2.01 2.93 2.59
backed ETFs

Global gold
Total *114.21 *141.02 128.37 *185.52 170.82 *203.80 *200.74
market liquidity

Data as of 18 September, 2019

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