A HIGH QUALITY LIQUID ASSET IN ALL BUT NAME
$361BN
TRADED PER DAY
Active and Sizeable Market
Gold traded US$361bn per day in 2025 across global financial markets. These robust daily trading volumes rival that of 10-year US Treasuries, reinforcing its status as a deep and actively traded market.
Low Average Volatility
Gold’s daily volatility is generally equal to or lower than 30-year US Treasuries, demonstrating comparable and superior stability to intermediate and long-dated US Treasuries during multiple financial stress events.
Low Bid-Ask Spreads
Gold’s bid-ask spreads remained narrow – or normalised quickly – during periods of market stress, rivalling those seen in 10- and 30-year US Treasuries.
Liquidity compares favourably to other Level 1 assets
Gold’s liquidity characteristics are comparable to those of 10-year US Treasuries. Gold has performed materially better in a crisis than the 30-year US government bond.
Low Risk
Gold does not have an issuer counterparty credit risk as there is no issuer. As gold is denominated in US Dollars, it is naturally sensitive to changes in US Dollar interest rates. Gold also has no inflation risk.
Portfolio Diversifier
Gold has a more diverse and geographically dispersed group of asset holders than other HQLAs, enhancing its stability.