Gold market - a market that provides for the implementation of international settlements , industrial and domestic consumption, private hoarding , investment , risk insurance , speculative operations.
Market Types
The degree of organization distinguishes between exchange and over-the-counter gold markets.
- Gold is an object of exchange trading along with other goods and financial assets. The gold exchange market is an organized market represented by exchanges of precious metals and precious stones .
- OTC gold markets are represented by a consortium of several banks authorized to transact gold. Banks carry out intermediary operations between buyers and sellers, fix the average market price level, and are also involved in the cleaning, storage of gold, and the manufacture of ingots.
In terms of distribution, global and domestic gold markets are distinguished. Domestic gold markets, in turn, are free and non-free in relation to restrictions.
There are also "black" gold markets that arise in response to government-imposed currency restrictions that apply to gold transactions.
Currently, there are over 50 gold markets in the world, including in Western Europe - 11, in America - 14, in Asia - 19, in Africa - 8. World markets include markets in London, Zurich, New York, Chicago, Xiangang (Hong Kong), Dubai, etc. Domestic free markets are markets in Paris, Hamburg, Frankfurt, Amsterdam, Vienna, Milan, Istanbul, Rio de Janeiro; not free (local, controlled) - in Athens and Cairo.
See also
- Gold fixing
- Shanghai Gold Exchange