Trading volume in precious metals on the Moscow Exchange reached 590 billion rubles in October — an absolute historical high for this market segment. However, behind the record figure lies a fundamentally different demand structure: the overwhelming majority of turnover is generated by corporate participants, not retail investors.
Gold accounted for over 97% of total turnover, while the share of private investors in transactions with this metal was only 4.7%. For businesses, the platform is becoming an increasingly sought-after tool for working with metal, and private investors should keep in mind: companies set the tone in this market.
Gold determined almost the entire turnover of the segment
The previous high was recorded in September — 557.1 billion rubles. Compared to October 2025, trading volume grew 1.7 times.
Gold transactions in monetary terms increased over the year to 573.4 billion rubles, and in physical terms — by 62%, to 52.2 tonnes. This volume of metal on the exchange also became a record for the entire history of trading.
Other metals accounted for only an insignificant part of turnover. Silver trading volume amounted to almost 100 tonnes worth 15.1 billion rubles, palladium — 283 kg worth 803 million rubles, platinum — 147 kg worth 611 million rubles.
The share of private investors in silver trading was 19.1%, palladium — 34.3%, platinum — 31%. Individuals are more visible in these metals, but due to small trading volumes, their prices may react more strongly to individual large transactions.
Who trades gold and where private investors' money goes
In September, gold transactions grew 61% year-on-year to 45.9 tonnes, and the share of private investors in them was 5.6%. The sum exceeded 542 billion rubles.
At the same time, precious metals still occupy a modest place on the platform. According to September data, the total trading volume on the Moscow Exchange amounted to 220.8 trillion rubles, and metals accounted for only about 0.25% of this sum.
The main turnover of the exchange comes from the money market, where companies are also increasing activity. Over the nine months of 2026, businesses concluded transactions worth 317.7 trillion rubles — 49% more than a year earlier, and here, as in gold, organizations set the tone.
Cryptalist analysis: The record turnover of precious metals on the Moscow Exchange reflects the institutionalization of the market: gold is becoming a tool for corporate liquidity management and hedging, rather than a speculative retail story. The low share of private investors in gold (4.7%) with their noticeable presence in silver and platinum indicates that retail is seeking returns in less liquid segments — with increased risk of price distortions from single large transactions. For institutional participants, this is a signal of the market's growing depth; for private ones, it is a signal of the need to account for the dominance of corporate capital in pricing.