UNITED KINGDOM July 31 2017 10:42 AM
LONDON (Scrap Register): The daily volume of gold transferred between accounts of London Bullion Market Association members rose during June, while silver volume fell, the organization reported.
The LBMA releases clearing statistics each month showing the net volume of gold and silver transferred between accounts of members, essentially providing a snapshot of the amount of trading activity.
The average number of ounces transferred daily increased by 1.3% to 21 million, with the corresponding value transferred up by 2.5% to $26.5 billion daily, the LBMA said. The daily number of transfers in June was 2,811, which was 3.4% lower than the previous month, with the clearers settling on average 7,476 ounces per transfer, which was 5% higher.
The average price of gold in June rose 1.2% from the prior month to $1,260 an ounce, the LBMA said.
Meanwhile, the volume of ounces transferred daily fell by 23.3% to 203.7 million ounces. Despite the sharp fall from a historically high level, however, this was still 12.5% above the average over the last 12 months, the LBMA said.
The corresponding value of silver ounces transferred daily decreased by 22.5% to $3.45 billion. The number of transfers fell by 13.3% to 892, with the clearers settling on average 228,286 ounces per transfer, a decrease of 11.6% on the previous month.
The average price of silver in June rose by 1.2% to $16.95 per ounce.
The 21 million ounces of gold transferred daily last month was also up year on year, as the June 2016 total was 19.6 million. Silver transfers of 203.7 million ounces daily were up year on year from 165.5 million.