Preliminary Data Put Gold-Led Metals at 69% of Retail CFD Volume

In the preliminary third-quarter estimate, gold-led metals accounted for 69% of retail contract-for-difference (CFD) trading volume, down from 78% in Q2, while currency pairs rose to 16% from 10%.

Currency pairs accounted for 16% of the preliminary Q3 mix, compared with 10% in the early comparison. The broker submissions were incomplete, and the comparison may not reflect the same broker coverage in both quarters.

The preliminary estimate put average monthly volume about 8% above Q2, based on figures received from some participating brokers. Q2 average monthly retail broker volume was $30.4 trillion, down 9.3% from $33.5 trillion in Q1.

The figures describe broker trading volume, not revenue or customer cash balances. They do not show whether individual traders shifted activity from gold to currencies or explain what drove the changes. The estimate does not isolate U.S. activity or give a separate share for crypto CFDs.

The Q3 figures remain subject to revision as participating brokers submit additional data. Changes in broker coverage can also affect quarter-to-quarter volume comparisons.