Around $361 billion of gold is traded every day, based on the 2025 average from the World Gold Council. That makes gold one of the most liquid markets in the world. This article breaks down where that volume trades, how it splits between venues, and why liquidity matters for anyone placing a gold trade.
Where gold trades
Roughly half of the daily total trades over the counter (OTC), mainly in London, at about $180 billion a day. This is the wholesale market where banks, refiners and large institutions deal directly with one another. It is the market most people never see, but it anchors the price everywhere else.
Futures account for about $174 billion a day, traded on exchanges where contracts for future delivery are bought and sold, often by traders who never intend to hold physical metal. Exchange-traded funds (ETFs) make up a much smaller slice at about $7 billion a day, giving investors exposure to gold through a share-like product.
Why it matters for your trades
Deep liquidity means gold trades smoothly most of the time. When you open or close a position on MT5, there is almost always someone on the other side at a price close to the one on your screen. Around big news, though, prices can still jump fast, and liquidity can thin out for a moment. That is when a stop-loss earns its place. Figures come from the World Gold Council and other named sources, correct at time of writing.
Key takeaways
- About $361 billion of gold trades daily, 2025 average
- OTC London and futures carry most of the volume; ETFs about $7bn
- Liquidity keeps trading smooth, but news can still move price fast
Common questions
Is gold a liquid market?
Yes. Around $361 billion trades daily across OTC, futures and ETFs, making it one of the most liquid markets in the world.
Where is most gold traded?
Over the counter, mainly in London, at about $180 billion a day, with futures close behind at about $174 billion a day.
Trade ideas with the levels already worked out
Join the free community and receive XAU/USD trade ideas with entry, stop-loss and take-profit, live training on Tuesdays and Thursdays, and support whenever you are stuck.
Join free on TelegramOpen the calculatorsRisk warning: This article is educational content, not personal investment advice. Gold is a leveraged, volatile instrument and you can lose some or all of your capital. Gold Trade Signals is not FCA regulated. Read the full risk warning.
More from Gold by Numbers
Record gold mining in 2025: 3,672 tonnes mined, demand past 5,000
Mine production hit a record of about 3,672 tonnes in 2025, and global demand passed 5,000 tonnes for the first time. What supply and demand numbers show.
How the LBMA Gold Price is set twice a day in London
Gold's official price is set at 10:30 and 15:00 London time through auctions run by ICE Benchmark Administration. How it works and how it relates to MT5.
What XAU means and what a troy ounce actually is
XAU is the currency code for one troy ounce of gold, and a troy ounce is exactly 31.1034768 grams. Two facts every gold trader should know, explained.