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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