Gold (XAU) is quoted continuously in USD and other currencies across OTC bullion markets, with COMEX and other futures as the transparent derivatives layer. Physical, unallocated, and ETF/ETP claims differ in custody and counterparty structure.
Research use: real rates, USD strength, and central-bank flow narratives dominate macro regimes. Basis between spot, futures, and ETP create relative-value noise. Gold’s correlation to risk assets is regime-dependent; do not assume permanent negative equity beta.