The study looked at how trading volume affects price discovery in gold and platinum futures markets in the U.S. and Japan. They found that in the U.S., trading volume primarily influences price discovery in gold futures, while in Japan, it's more important for platinum futures. The size of the market also plays a role, with the Japanese platinum market being larger than the U.S. market. The study showed that the maturity of the contracts has a bigger impact on information efficiency than trading volume.