--- title: "New players enter the market: prediction platform Kalshi enters the precious metals perpetual futures market." type: "News" locale: "en" url: "https://longbridge.com/en/news/293400612.md" description: "US prediction platform Kalshi has applied to the CFTC to launch perpetual futures contracts for precious metals like gold, silver, and platinum. This expansion marks a shift from crypto to traditional assets, aiming for 24/5 trading hours. The move intensifies competition in the derivatives market, with rivals like Hyperliquid and CME also expanding offerings. Meanwhile, gold prices face volatility despite central bank buying, with institutions like Morgan Stanley predicting further upside based on macroeconomic factors." datetime: "2026-07-22T00:40:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/293400612.md) - [en](https://longbridge.com/en/news/293400612.md) - [zh-HK](https://longbridge.com/zh-HK/news/293400612.md) --- # New players enter the market: prediction platform Kalshi enters the precious metals perpetual futures market. Author: Wu Yu, Jinshi Data The US prediction market platform Kalshi is expanding its perpetual futures business from cryptocurrencies to traditional asset markets, targeting precious metals such as gold, silver, and platinum. According to reports, Kalshi has submitted an application to the US Commodity Futures Trading Commission (CFTC) to launch perpetual futures contracts linked to precious metals. According to regulatory procedures, the CFTC will decide whether to approve it within 45 days. Compared to some event contracts that can be self-certified and listed by exchanges, new products such as perpetual futures are subject to stricter regulatory scrutiny. The precious metal perpetual futures application is expected to offer trading 24 hours a day, five days a week, consistent with the trading hours of traditional precious metals markets, unlike cryptocurrency perpetual contracts which operate 24/7 year-round. Kalshi's Chief Risk Officer, Udesh Jha, stated that the company is still evaluating the possibility of further extending trading hours. Perpetual futures are derivatives without an expiration date, allowing investors to leverage their market exposure. Historically, these products have been primarily active in the crypto market, but recently, with escalating geopolitical conflicts and increased demand for traditional asset trading, perpetual futures are expanding into more areas. For example, during the Iran-Iraq War, some retail investors used related products to trade oil prices, circumventing traditional futures market closure restrictions. Kalshi's expansion also reflects the intensifying competition among trading platforms surrounding the perpetual futures market. Emerging platforms, including Hyperliquid, have launched contracts linked to real-world assets such as gold and crude oil, forcing traditional exchanges to accelerate their deployments. The Chicago Mercantile Exchange Group (CME) plans to officially launch 24/7 trading services for its existing 1-ounce gold futures contract this week (July 26). Meanwhile, the gold market itself is in a critical adjustment phase. Since hitting a record high at the end of January this year, gold prices have fallen by as much as 25%. Previously, gold, as a non-interest-bearing asset, was suppressed due to market expectations that the Federal Reserve might maintain high interest rates. However, many institutions believe that current gold prices are showing signs of being oversold, and a rebound opportunity is forming. The US research institution Zweig-DiMenna points out that the recent renewed increase in gold purchases by the People's Bank of China may indicate that the market is bottoming out. According to data disclosed by the People's Bank of China, official gold reserves increased by 40 tons in the first half of 2026, reaching 75.44 million ounces (approximately 2346.45 tons) by the end of June. This marks the 20th consecutive month of gold purchases by the central bank. The 15-ton increase in June alone is the largest monthly purchase since October 2023. In contrast, the People's Bank of China's total gold purchases in 2025 are projected to be only around $2 billion. Zweig-DiMenna stated that current gold prices are about 10% below their 200-day moving average, a situation that historically triggered significant rebounds after 1999 and 2022. However, the cases of 1981 and 2013 also show that gold prices can fall further after being oversold, therefore, market trends still depend on the macroeconomic environment. Morgan Stanley is also bullish on gold's future, with its commodities team predicting a year-end gold price target of $4,450 per ounce, primarily based on continued global central bank gold purchases. However, current central bank gold purchase demand is being partially offset by outflows from gold ETFs. Last year, ETF investors contributed about one-fifth of gold demand, but investor enthusiasm has declined due to easing geopolitical risks, changing interest rate expectations, and a gold price correction. The key to future gold price movements remains the Federal Reserve's policy. If inflation continues to cool and the Fed maintains or even cuts interest rates in the future, lower real interest rates could revitalize gold's appeal and drive ETF inflows. From an institutional perspective, the recent correction in gold prices does not signify a breakdown of long-term logic. With global central banks increasing their gold reserves, continued market demand for safe-haven assets, and the emergence of new trading instruments, the gold market may be brewing for its next rally. Kalshi's foray into perpetual precious metal futures also demonstrates that traditional asset trading is evolving towards greater flexibility and higher frequency. ### Related Stocks - [CME.US](https://longbridge.com/en/quote/CME.US.md) - [SGOL.US](https://longbridge.com/en/quote/SGOL.US.md) - [PSLV.US](https://longbridge.com/en/quote/PSLV.US.md) - [518850.CN](https://longbridge.com/en/quote/518850.CN.md) - [UGL.US](https://longbridge.com/en/quote/UGL.US.md) - [GLD.US](https://longbridge.com/en/quote/GLD.US.md) - [SIVR.US](https://longbridge.com/en/quote/SIVR.US.md) - [AGQ.US](https://longbridge.com/en/quote/AGQ.US.md) - [MS.US](https://longbridge.com/en/quote/MS.US.md) - [MS-O.US](https://longbridge.com/en/quote/MS-O.US.md) - [MS-Q.US](https://longbridge.com/en/quote/MS-Q.US.md) - [MS-E.US](https://longbridge.com/en/quote/MS-E.US.md) - [MS-I.US](https://longbridge.com/en/quote/MS-I.US.md) - [MS-L.US](https://longbridge.com/en/quote/MS-L.US.md) - [MS-P.US](https://longbridge.com/en/quote/MS-P.US.md) - [MS-A.US](https://longbridge.com/en/quote/MS-A.US.md) - [MS-F.US](https://longbridge.com/en/quote/MS-F.US.md) - [MS-K.US](https://longbridge.com/en/quote/MS-K.US.md) ## Related News & Research - [LIVE MARKETS-All that glitters is rallying again](https://longbridge.com/en/news/295541051.md) - [PRECIOUS-Gold rises for third straight session, inflation prints in focus](https://longbridge.com/en/news/295466397.md) - [04:35 ETXAUE and ListaDAO Launch 60-Day slisXAUE Rewards Campaign, Offering Up to 8% APY](https://longbridge.com/en/news/295378637.md) - [Gold Price Is On Solid Foundations As Global Demand Holds Up](https://longbridge.com/en/news/295249335.md) - [PRECIOUS-Gold firms near 7-week high as markets trim Fed hike bets before payrolls](https://longbridge.com/en/news/295120886.md)