LBMA: Gold Ounces Transferred Daily Fall In July But Silver Volume Rises
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(Kitco News) - The amount of gold transferred between accounts of London Bullion Market Association members fell in July, while silver volume increased, the organization reported Thursday.
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 amount of gold transferred daily fell by 4.7% from the prior month to an average of 20 million ounces, the LBMA said. The corresponding value was down by 6.5% to $24.7 billion.
Meanwhile, the average price of gold in July was $1,236 an ounce, a month-on-month fall of 1.9%, the organization said. The number of transfers in July averaged 2,800 per day, broadly in line with the previous month, with the clearers settling on average 7,149 ounces per transfer, 4.4% lower than in June.
For silver, the volume of ounces transferred increased by 1.7% to 207.1 million ounces, although the corresponding value was 3.2% lower at $3.34 billion, the LBMA said. The average July price of silver decreased by 4.7% to $16.14 an ounce.
The number of transfers increased by 5.3% to a daily average of 939, with clearers settling on average 220,534 ounces per transfer, a decrease of 3.4% on the previous month.
The average of 20 million ounces of gold transferred daily last month was up year-on-year, as the July 2016 total was 19.5 million. Silver transfers of 207.1 million ounces daily were also up year-on-year from 178.5 million.