Polymarket adds gold and silver price markets for global trading
The prediction platform launched short-term contracts for precious metals on 30 October. The move follows a $2.65 million security breach that occurred earlier in the week.
Key takeaways
- 1New contracts cover 15-minute, hourly, and daily price movements for gold and silver.
- 2The launch follows a $2.65 million exploit of a third-party provider on 29 October.
Polymarket launched gold and silver price prediction markets for users worldwide on 30 October. The new contracts allow traders to bet on the price movements of precious metals over 15-minute, hourly, and daily intervals.
The expansion into traditional commodities provides a way for users to trade on short-term volatility in the gold and silver markets. These markets use the same interface as the platform's existing prediction contracts. This rollout follows the addition of five-minute crypto contracts for Bitcoin, Ether, Solana, and XRP to its US application on 27 October.
The launch comes immediately after a security incident on 29 October where Polymarket paused trading. The platform attributed the pause to a $2.65 million exploit of a third-party provider. According to Arkham data, an attacker wallet held the stolen funds in POL tokens following the breach.
Traders are now watching the platform's reliability as it integrates these new asset classes while recovering from the exploit. Polymarket uses external price feeds like CF Benchmarks for its crypto contracts to determine settlement. The platform has not yet specified which data provider will serve the gold and silver markets.
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