The total trading volume of precious metals on the Moscow Exchange in August reached 506.1 billion rubles, which is 2.1 times higher than the figure for the same period last year. Gold was the main growth driver, but platinum demonstrated the strongest momentum in physical terms.
The exchange-traded metals market is undergoing a phase of active recovery and an influx of retail investors. The number of transactions over the month more than doubled, indicating a structural shift in the behavior of trading participants.
Gold remains the anchor of liquidity
Gold accounted for the overwhelming majority of turnover — 489.5 billion rubles, exactly twice as much as a year earlier. In physical terms, operations with the metal grew 1.5 times, reaching 41.8 tons. Of this, 14.8 tons were spot transactions, and 27 tons were swap operations. This suggests that institutional players are actively using the metal for hedging and liquidity management.
Silver took second place with a turnover of 14.9 billion rubles, corresponding to 86.3 tons of metal. Platinum trading brought in 1.1 billion rubles: for this amount, transactions were concluded involving 231 kg of the precious metal. Here, the most impressive growth was recorded — 3.8 times year-on-year. Palladium turnover amounted to 668 million rubles, or 188 kg, increasing 2.2 times.
The number of operations on the precious metals market in August grew 2.6 times, to 326,300. Retail investors proved to be the most active: their share reached 46.3% in palladium transactions, 35.1% in platinum, and 31% in silver. In gold turnover, the weight of individuals was noticeably lower, amounting to only 5.8%, which underscores the institutional nature of this market.
Additional momentum to the market is provided by assessments from industry experts. In particular, on the sidelines of WEF-2026, the opinion was voiced that for the payback of developing new gold ore deposits, a fair price for the metal should be in the range of $4,000 to $4,500 per ounce. A major lender to the industry notes that Russian gold mining is currently experiencing its best period in modern history, reflecting expectations of further demand growth from both producers and investors.
Retail demand is reshaping the market
The surge in metal operations fits into the broader picture of retail inflow to the exchange. Individual investments in stocks on the Moscow Exchange in August grew 3.6 times year-on-year, reaching 30.5 billion rubles, while total individual investments in securities reached 212.5 billion rubles. The same retail demand that is increasing turnover in stocks and bonds also supports the precious metals market.
The shift in the market model is also described by the head of the State Duma committee on the financial market. After the departure of a significant portion of foreign investors, the former reliance on foreign capital is being replaced by investments from Russian citizens. The growing share of retail in metal transactions serves as further confirmation of this shift.
The exchange also intends to expand investors' trading opportunities through its schedule. From September 14, the main session will last one hour longer and will open at 9:00, with changes affecting, among others, the precious metals market. Additional trading time, along with growing retail activity, creates conditions for further increases in turnover for gold and other metals.
My comment: The current dynamics are not just a seasonal revival, but a sustainable trend toward diversifying savings into safe-haven assets. The growing share of retail in platinum and palladium indicates that investors are seeking alternatives to traditional gold, which could lead to a reassessment of these markets in the medium term. The extension of trading hours will only intensify this process, making metals a more accessible instrument for a wide range of participants.