Binance Gold Futures Average More Than $12.3 Billion a Week

Binance’s gold perpetual futures are averaging more than $12.3 billion in weekly trading volume, roughly triple April’s level, as activity grows in the crypto exchange’s gold-linked contract.

The weekly average was $3.8 billion in April, making the increase about 224%. Trading in the XAUUSDT contract reached $3.5 billion on a recent day. Cumulative volume in Binance gold futures is nearing $320 billion since launch.

Binance launched XAUUSDT on Jan. 5. The contract tracks gold’s price, settles in Tether (USDT) and has no expiration date. Eligible traders can gain exposure without owning gold, and the contract trades around the clock.

Gold had at one point fallen nearly 30% from a high of about $5,595. The trading figures measure activity in the futures contract, rather than a change in the metal’s price.