Oanda adds 17 precious metal pairs to FX trading platforms
Oanda, the Canadian-owned online foreign exchange trading platform, has introduced 17 new precious metal pairs that cross gold and silver with major and minor currencies.
Gold and silver will now be available to trade against the Australian dollar, Canadian dollar, Swiss franc, euro, British pound, Hong Kong dollar, New Zealand dollar and Singapore dollar.
A new gold/silver cross (XAU/XAG) has also been introduced to allow traders to benefit from differential movement between the two precious metals.
Oanda said the decision to add the new pairs was in response to high demand from clients in Europe and Asia for gold and silver products to hedge exposures and diversify portfolios in the face of mounting uncertainty surrounding the eurozone debt crisis and fears of a global recession.
Oanda traders now have access to 21 gold and silver pairs, as well as 72 currency pairs, including all major pairs, as well as a range of exotic crosses.