XM has launched GOLD24-7, a gold trading instrument that allows clients to trade the metal seven days a week. The launch places the broker among a growing number of retail firms offering weekend access to gold trading.
The launch comes as retail brokers continue expanding weekend trading products. Gold has remained one of the most traded instruments on retail platforms this year. Several brokers have introduced products intended to reduce the gap between Friday’s market close and Monday’s reopening.
Last month, Vantage Markets launched XAUUSD247, its own seven-day gold CFD. CMC Markets introduced weekend gold trading in April.
XM Launches Weekend Gold Trading Access
Unlike traditional gold CFDs, which follow standard market hours, GOLD24-7 allows trading on Saturdays and Sundays, when the underlying spot and futures markets are closed.
XM said the product is intended to allow clients to respond to market developments outside standard trading hours.
“Markets don’t stop generating news simply because it’s the weekend,” said Stavri Morti, Co-CEO at XM. He said “economic data, geopolitical developments and breaking news” can influence market sentiment over the weekend. According to Morti, GOLD24-7 gives clients “greater flexibility to respond to those developments as they happen, instead of waiting until Monday.”
Liquidity Providers Moved into Weekend Gold Earlier
The launch follows similar developments in the institutional market.
In March, Scope Prime introduced DIGIXAU, a continuous gold CFD for institutional clients. The company said the product was intended to help manage exposure during weekend market closures.
In June, Match-Prime launched 24/7 CFDs on gold, silver, oil and US indices through its Cyprus-regulated entity. The company provides pricing to brokers rather than retail traders.
Retail products differ from institutional offerings such as LMAX Group’s perpetual gold futures, launched earlier this year. Products including XM’s GOLD24-7 and Vantage Markets’ XAUUSD247 are broker-priced CFDs for retail clients rather than exchange-traded instruments.
This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More
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