Gold trading in APAC is evolving quickly, with record volumes, shifting participation and infrastructure upgrades reshaping liquidity and execution. In this episode of J.P. Morgan’s Making Sense, Khushil Nathoo from the FICC Market Structure & Liquidity Strategy team and Ravi Ramakrishnan, senior precious metals trader for Asia, discuss what’s driving heightened activity in gold, how clients are accessing liquidity and where trading could gravitate as new hubs and clearing initiatives take shape.

Nathoo and Ramakrishnan also explore the impact of electronic execution, the interplay between central bank and retail demand in Asia and what tokenization, gold-backed stablecoins and digital platforms may mean for market structure and available free float over time.

This episode was recorded on July 16, 2026.

The views expressed in this podcast may not necessarily reflect the views of JPMorgan Chase & Co, and its affiliates, together J.P. Morgan, and do not constitute research or recommendation advice or an offer or a solicitation to buy or sell any security or financial instrument. They are not issued by Research but are a solicitation under CFTC Rule 1.71. Referenced products and services in this podcast may not be suitable for you, and may not be available in all jurisdictions. J.P. Morgan may make markets and trade as principal in securities and other asset classes and financial products that may have been discussed. The FICC market structure publications, or to one, newsletters, mentioned in this podcast are available for J.P. Morgan clients. Please contact your J.P. Morgan sales representative should you wish to receive these. For additional disclaimers and regulatory disclosures, please visit www.jpmorgan.com/disclosures