August became a landmark month for the precious metals market on the Moscow Exchange. Total trading volume soared 2.1 times compared to last year, reaching an impressive 506.1 billion rubles. These are not just numbers — this is a clear signal of tectonic shifts in the structure of demand and investor behavior.
Gold — the main beneficiary
The main contribution to this impressive result came from gold. Its turnover in monetary terms doubled, reaching 489.5 billion rubles. At the same time, in physical volume, operations grew 1.5 times — to 41.8 tons. Of this, 14.8 tons came from spot transactions, and 27 tons from swap operations. Such dynamics indicate that interest in the metal is not speculative but quite tangible and physical in nature.
Silver also showed decent results with a turnover of 14.9 billion rubles (86.3 tons). However, the real record holder in physical terms was platinum. The volume of transactions with it jumped 3.8 times year-on-year, reaching 1.1 billion rubles (231 kg). Palladium is not lagging behind: its turnover grew 2.2 times to 668 million rubles (188 kg).
Retail investors are changing the rules of the game
The key driver of this growth is the unprecedented activity of private investors. The total number of transactions on the precious metals market increased 2.6 times, exceeding 326 thousand. This was especially pronounced in the palladium segment, where the share of retail traders reached 46.3%. In platinum transactions, individuals accounted for 35.1%, and in silver — 31%. Interestingly, in gold turnover, the weight of retail was significantly more modest — only 5.8%.
This surge in activity fits organically into the overall picture of a market turnaround. Individual investments in stocks on the Moscow Exchange in August grew 3.6 times, reaching 30.5 billion rubles. It is obvious that retail investors, actively exploring the stock market, are now transferring their interest to the metals market as well.
Optimistic assessments from industry participants served as an additional catalyst. On the sidelines of WEF-2026, the opinion was voiced that the fair price of gold for the profitability of new deposits should be in the range of $4000–4500 per ounce. Such bold forecasts from major industry creditors only fuel expectations of further growth.
The exchange, in turn, is adapting to the new demand. From September 14, the main trading session, including the precious metals market, will open an hour earlier — at 9:00. This will create additional opportunities for increasing turnover.
My view: We are witnessing a structural shift, not a temporary market condition. The departure of foreign capital has forced the Russian market to reorient toward the domestic investor, and precious metals are becoming one of the key beneficiaries of this process. Platinum and palladium, showing multiple-fold growth, could turn out to be undervalued assets that deserve especially close attention.