Axi Gold Dominance Drives Surge in CFD Volumes

Axi gold dominance reflects soaring volatility, record XAU prices, and traders increasingly favoring precious metals CFDs. Gold has emerged as the top-traded asset at Australian broker Axi, highlighting a broader shift across the CFD sector as traders pursue heightened volatility in precious metals markets.

The broker confirmed that XAU continues to be its most actively traded contract, with volumes more than doubling in recent months as gold rallied to challenge a record high of $4,888 per ounce this week before easing back to around $4,836. The metal surged 65% last year and has gained a further 12% in the first three weeks of 2026.

“Interest in gold trading has more than doubled, firmly keeping XAU as the most traded instrument across the platform,” Thiago Duarte, Market Analyst at Axi. He emphasized that volatility, rather than directional bias, is driving demand, with wide intraday price swings attracting both short-term traders and macro-focused participants.

Axi’s trend reflects a wider industry pattern. Metals CFDs represented over 60% of global broker volumes in the first half of 2025, with approximately 80% of that activity concentrated in gold contracts.

Axi Gold Dominance Grows on Record Price Volatility

On some platforms, gold trading has accounted for as much as 90% of total volumes during peak periods.

The surge has triggered operational changes across the sector. FXPrimus increased leverage on gold positions in October, while OANDA warned clients of elevated volatility risks as the rally continued.

More recently, Scope Prime adjusted spreads following CME Group’s move to shift precious metals futures margins from fixed amounts to percentage-based requirements.

Crypto-focused platforms have also capitalized on the trend. BingX reported daily gold futures volumes exceeding $500 million, representing half of the exchange’s $1 billion in traditional finance trading activity.

Duarte noted that improved execution standards have helped maintain elevated volumes. Industry-wide tightening of spreads has made gold CFDs more cost-effective, particularly during strong trends when traders become increasingly sensitive to transaction costs. This efficiency has supported demand even during pullbacks, reinforcing gold’s transition from a tactical hedge to a core trading asset.

“Traders are no longer treating gold as a one-off hedge, but as a core trading instrument during periods of uncertainty,” Duarte said. He added that demand has remained resilient through corrections, with dips quickly bought by investors still underexposed to the metal.

Axi’s emphasis on gold coincides with broader expansion efforts. The broker launched AxiPrime in July, a liquidity solution capable of handling up to 500,000 orders per second, and recently introduced 150 new crypto contracts alongside the appointment of former eToro risk executive Sotiris Karagiorgis.

Market Backdrop Favors Continued Strength

Duarte identified three key drivers underpinning gold’s momentum: real yields struggling to rise meaningfully, elevated equity valuations increasing vulnerability to shocks, and relatively light short-term positioning that magnifies price movements during periods of uncertainty.

He also described a reinforcing dynamic in which breakouts attract momentum traders while pullbacks draw defensive buyers.

“Gold is entering a phase where pullbacks are likely to be tactical rather than trend-ending,” he said. “As long as volatility stays elevated, gold should remain well supported, with upside risks outweighing downside in the months ahead.”

Some analysts are forecasting targets between $5,000 and $6,000 for 2026, following a rally that accelerated after a criminal investigation into Federal Reserve Chair Jerome Powell raised concerns over central bank independence in early January. With the metal now in price discovery mode, technical indicators point toward a 100% Fibonacci extension near $5,000.

Institutional offerings are also expanding alongside retail demand. GCEX last week launched gold futures CFDs, giving professional traders an alternative to rolling spot and non-expiring CFD structures in an increasingly volatile market.

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