Gold trading volume dips in July following record-setting volume
(Kitco News) - The official start of summer was a little quieter for gold traders, who appeared to be taking a break after seeing nearly unprecedented activity the month earlier, according to the latest trade data from the London Bullion Market Association.
In its latest report the association said that amount of gold transferred daily in July dropped to 20.2 million ounces, a decline of 17.6% from June . The corresponding value fell by 14.3% at $28.2 billion, compared to the previous month.
There were 3,388 transfers daily in July, 15.2% lower month-on-month. The clearers settled on average 5,895 ounces per transfer, which was 2.8%% lower from the previous month.
Meanwhile, the volume of silver ounces transferred in July fell 9.4% to 263.9 million ounces daily, with the corresponding value down 4.9% to $4.15 billion, the LBMA reported. There were 1,193 transfers per day in July, 10.2% lower month-on-month. Clearers settled on average 221,239 ounces per transfer, which was 0.9% higher.
The average gold/silver price ratio in July was 89.8. The ratio measures how many ounces of silver it takes to buy an ounce of gold, with a higher number meaning outperformance by gold, and vice-versa.
Although trading activity was lower in July, prices continued to rise. The LBMA said that gold prices averaged $1,414.61 an ounce in July, up more than 4% from June’s average price of $1,358.49
Silver prices also rose, seeing an average price of $15.745 an ounce, up nearly 5% from June’s average price of $14.996