AxiTrader important notification on GOLD Volatility (XAU/USD)

AxiTrader important notification on GOLD Volatility (XAU/USD)

AxiTraderMarch 25, 2020

/ Article / AxiTrader important notification on GOLD Volatility (XAU/USD)

Dear Clients,

Pricing conditions on XAU have improved today so with immediate effect we will return XAUUSD to full trading. We will however leave the XAU crosses on Close Only as the liquidity is still too poor and not in the clients’ interest to re-open them.

Please note the XAUUSD spreads are wider than usual, typically ranging from $1.00 to $5.00, and could potentially deteriorate quickly at any time like the $20 spreads the market was showing yesterday so please consider these unprecedented market conditions in your trading strategy.

We believe a key driver of the volatility of the XAU symbols was the closure yesterday of Swiss refineries that process 70% of the world’s gold. There remains a possibility that markets could become disorderly again as developments unfold rapidly across the globe. We will continue to review the market operation and may revert to Close Only if we believe it’s in our clients’ best interests.

Our Gold Commodity Future CFD (GOLD.fs) presently remains fully open to both buying and selling as the market has not exhibited any dysfunctionality over the past few days. The next rollover date for Gold Future CFD is scheduled for May 28. On an ongoing basis, our Future CFD Contract Rollover Dates can be found at https://www.axitrader.com/au/trading-resources/futures-cfd-contract-rollovers.

We will provide updates as and when the situation changes. If you have any questions on this matter please contact your Relationship Manager.

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