North America
COMEX (CME Group)
The world’s leading venue for gold futures and options, and a primary reference for international gold pricing.
USAActive
Overview
Global gold trading hubs
Gold exchanges facilitate the trading of physical gold, futures, options and other derivatives across the world. They act as the market’s price discovery mechanisms and its main centres of liquidity.
Below is a directory of active gold exchanges as of May 2025, with regional breakdowns and the primary products each venue offers. Discontinued venues are noted for reference.
17
Active exchanges
4
Regions covered
4
Product types
1
Ceased since 2022
Live market
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Exchange directory
Europe & Middle East
London OTC (LBMA)
The largest global centre for physical gold trading and the home of the twice-daily LBMA Gold Price benchmark.
UKActive
Europe & Middle East
Zurich OTC Market
A long-standing Swiss over-the-counter hub for physical gold, closely tied to the country’s refining and vaulting industry.
SwitzerlandActive
Europe & Middle East
Dubai Gold & Commodities Exchange
Futures and spot gold contracts connecting Middle Eastern and Asian markets from a major regional trading hub.
UAEActive
Europe & Middle East
Borsa Istanbul
Turkey’s exchange for physical and futures gold, incorporating the former Istanbul Gold Exchange.
TurkeyActive
Asia-Pacific
Shanghai Gold Exchange (SGE)
The world’s largest physical gold exchange, offering spot and deferred contracts at the centre of China’s gold market.
ChinaActive
Asia-Pacific
Shanghai Futures Exchange (SHFE)
China’s principal venue for gold and silver futures, complementing the physical market run by the SGE.
ChinaActive
Asia-Pacific
Osaka Exchange (JPX)
Japan’s gold futures and options market. Precious metals moved from the Tokyo Commodity Exchange to the Osaka Exchange in 2020.
JapanActive
Asia-Pacific
Multi Commodity Exchange (MCX)
India’s largest commodity exchange by volume, with widely traded gold futures contracts.
IndiaActive
Asia-Pacific
India International Bullion Exchange
India’s bullion exchange in GIFT City, established to channel physical and spot gold imports through a regulated venue.
IndiaActive
Asia-Pacific
Chinese Gold & Silver Exchange Society
Hong Kong’s historic physical and spot gold market, one of the oldest continuously operating gold venues in Asia.
Hong KongActive
Asia-Pacific
Korea Exchange (KRX) Gold Market
South Korea’s regulated on-exchange gold market for physical and spot trading by domestic participants.
South KoreaActive
Asia-Pacific
Bursa Malaysia Derivatives
Malaysia’s derivatives exchange, offering gold futures priced for the regional market.
MalaysiaActive
Asia-Pacific
Thailand Futures Exchange (TFEX)
Thailand’s derivatives exchange, home to actively traded gold futures contracts.
ThailandActive
Asia-Pacific
ICE Futures Singapore
A Singapore-based venue offering physically deliverable 1kg gold futures, the exchange route for kilobar gold in the city-state after SGX’s own contract was delisted.
SingaporeActive
Other hubs
Moscow Exchange (MOEX)
Russia’s exchange, which operates a precious metals market for spot and futures gold trading.
RussiaActive
Other hubs
B3 (Brasil Bolsa Balcão)
Brazil’s exchange, which runs a domestic gold spot market serving Latin American participants.
BrazilActive
No exchanges match that region.
How to read this directory
The four product types
Most venues specialise in one or two of the following. Knowing the difference explains why some markets set the price while others mainly move metal.
01 Physical
Physical & OTC
Trading that settles in real metal, often over the counter between banks and dealers. London and Zurich dominate here.
02 Spot
Spot
Near-immediate delivery at the current market price. Central to the Shanghai, Hong Kong and Korean markets.
03 Futures
Futures
Standardised contracts to trade gold at a set price on a future date. COMEX, SHFE and MCX lead by volume.
04 Options
Options
The right, not the obligation, to buy or sell at a set price. Offered alongside futures on COMEX and the Osaka Exchange.
By region
Regional breakdown
North America
The United States dominates gold derivatives trading through CME Group’s COMEX, which sets global benchmarks for gold futures and options.
1Major venue
Europe & Middle East
London remains the global centre for physical gold through the LBMA-governed OTC market, supported by Zurich’s refining hub, while Dubai and Istanbul connect the region to Asian demand.
4Major venues
Asia-Pacific
Asia hosts the world’s largest physical gold market in Shanghai, alongside active futures and spot venues across China, Japan, India, Hong Kong, Korea and Southeast Asia.
10Major venues
Other hubs
Beyond the main clusters, Moscow and Sao Paulo operate domestic precious-metals markets serving their own regional participants.
2Major venues
A note on the London Metal Exchange
LME Gold and LME Silver, offered through the LMEprecious service, ceased trading on 11 July 2022 following persistently low volumes. The LME is no longer a venue for gold or silver futures or spot trading, and is listed below for reference only.
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Reference table
Complete exchange data
| Exchange / Market | Region | Main product type | Status |
|---|---|---|---|
| COMEX (CME Group) | USA | Futures, Options | Active |
| London OTC (LBMA) | UK | Physical (OTC) | Active |
| Zurich OTC Market | Switzerland | Physical (OTC) | Active |
| Dubai Gold & Commodities Exchange (DGCX) | UAE | Futures, Spot | Active |
| Borsa Istanbul | Turkey | Physical, Futures | Active |
| Shanghai Gold Exchange (SGE) | China | Physical, Spot | Active |
| Shanghai Futures Exchange (SHFE) | China | Futures | Active |
| Osaka Exchange (JPX, ex-TOCOM) | Japan | Futures, Options | Active |
| Multi Commodity Exchange (MCX) | India | Futures | Active |
| India International Bullion Exchange (IIBX) | India | Physical, Spot | Active |
| Chinese Gold & Silver Exchange Society (CGSE) | Hong Kong | Physical, Spot | Active |
| Korea Exchange (KRX) Gold Market | South Korea | Physical, Spot | Active |
| Bursa Malaysia Derivatives | Malaysia | Futures | Active |
| Thailand Futures Exchange (TFEX) | Thailand | Futures | Active |
| ICE Futures Singapore (Kilo Gold Futures) | Singapore | Futures | Active |
| Moscow Exchange (MOEX) | Russia | Spot, Futures | Active |
| B3 (Brasil Bolsa Balcão) | Brazil | Spot | Active |
| London Metal Exchange (LME) | UK | Gold, Silver | Ceased Jul 2022 |
Questions
Gold exchanges, explained
What is a gold exchange?
A gold exchange is a regulated marketplace where physical gold, futures, options and other gold derivatives are bought and sold. Exchanges provide price discovery, standardised contracts, clearing and liquidity for the global gold trade.
Which is the largest gold exchange in the world?
It depends on the segment. The London OTC market run under LBMA rules is the largest centre for physical gold by value, the Shanghai Gold Exchange is the largest physical gold exchange, and COMEX (CME Group) is the largest venue for gold futures and options.
What is the difference between physical, spot, futures and options gold?
Physical trading settles in actual metal. Spot trading is for near-immediate delivery at the current price. Futures are standardised contracts to buy or sell gold at a set price on a future date, and options give the right, but not the obligation, to trade at a set price.
Is the London Metal Exchange still trading gold?
No. LME Gold and LME Silver, offered through the LMEprecious service, ceased trading in July 2022 due to persistently low volumes. The LME no longer lists gold or silver contracts.
Where is the international gold price set?
The two main reference points are the LBMA Gold Price, set twice daily through an electronic auction in London, and COMEX gold futures in New York, which together drive most international price discovery.
Can retail investors trade directly on these exchanges?
Usually not directly. Most gold exchanges are accessed through member banks, brokers or clearing participants. Retail investors typically trade through a broker, a bullion dealer, or exchange-traded products that track gold.