Foreign Exchange

Foreign exchange is the largest and most liquid financial market in the world. According to the BIS Global FX trading hit $9.6 trillion per day in April 2025. The gold market is large, global and highly liquid, the gold.org estimate that physical gold holdings by investors and central banks are worth approximately US$12.6tn as of Q4 2025.

Data source: Yahoo Finance via the RiskSnap Cloud Run FX endpoint. Yahoo tickers: EURUSD=X, JPY=X, GBPUSD=X, CHF=X, CAD=X and GC=F.

A spot price embeds expectations of future economic events and pricing models include market risk factors for these events. Gold is included because it often trades as a monetary asset alongside major currencies. The U.S. dollar remains the dominant reserve and transaction currency, appearing on one side of most foreign exchange trades. Exchange rates reflect relative economic growth, inflation, monetary policy, capital flows and geopolitical developments.