Gold Prices Hit ‍Record Highs, Retail Investors ⁢Pile into Micro Gold Futures Contracts

September 13 | Spot gold hit ​another⁢ record high on Friday, reaching above $2,580 per ounce. As gold‌ prices ‌hit‍ record highs, retail investors have piled into the CME Group’s (CME) micro gold futures contracts.

According to data from​ the largest U.S. ⁢derivatives exchange, as of ​September 11, average daily trading volume, an important‍ indicator ‌used to assess derivatives liquidity and activity levels, reached 99,527 contracts, exceeding the⁢ full-year data for 2020, when daily trading volume reached 99,527⁢ contracts. The average trading volume reached a record high of ‌86,101 lots.

Jin⁤ Hennig, CME’s global head of metals, said in⁢ an‍ interview that retail demand “tends to be highly correlated with gold price ⁢movements,” especially when gold prices ⁤are on ‌an upward⁤ trend. “This started late last year​ and⁢ has continued into this year.” CME’s micro gold futures contract was launched in October 2010 and targets retail investors.

News source: Gelonghui

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