Author: Paul Ploumis
22 May 2015 Last updated at 03:28:48 GMT
(Kitco News) - Trading activity fell sharply last month despite higher prices, according to the latest data from the London Bullion Market Association (LBMA).
The latest clearing statistics reported 16.9 million ounces of gold was traded on a daily basis last month, “the lowest level since September 2014” and down 10% compared to March’s daily average of 18.7 million ounces. At the same time, the LBMA noted that gold’s average price last month rose 1.6% to $1,197.91 an ounce.
The data showed that the value of gold transferred dropped more than 8% to $20.2 billion, from March’s value of $22.1 billion; the number of daily transfers last month fell as well to 2,701 from 3,061 daily transfers reported in March; and, the number of ounces transferred increased slightly to 6,254, up from the precious level of 6,125.
Looking at the silver market, the LBMA said that April trading activity was also lackluster.
The data showed an average of 112.9 million ounces was transferred on a daily basis, down more than 25% from March’s daily average of 149.7 million ounces, “its lowest level since November 2013.” The association noted that the silver average price in April was $16.32 an ounce, up only 0.6% from March’s average price of $16.22 an ounce.
The report said that the average value of the daily silver trades was $1.84 billion, “the lowest level since September 2010,” and down from March’s average daily value of $2.43 billion. The average number of silver trades fell to 620, down 11% from 697 trades in March the number of ounces per transaction dropped by 15% to 182,051 ounces, compared with March’s average of 214,772 ounces.
Courtesy: Kitco News