Trading Activity In Gold, Silver Increase In March Despite Falling Prices – LBMA

New York (Apr 22)  Trading activity in gold and silver increased in March, despite falling prices, according to the latest data from the London Bullion Market Association (LBMA).

According to the latest clearing statistics, 18.7 million ounces of gold was traded on a daily basis last month, an increase of 5% compared to February’s daily average of 17.8 million ounces. At the same time, the LBMA noted that gold’s average price fell 4% to $1,178.63 an ounce.

The data shows that the value of gold transferred increased to $22.2 million, from February’s value of $21.8 billion; the number of daily transfers increased to 3,061 from 2,965 daily transfers reported in February and the number of ounces transferred increased to 6,125, “the highest ratio since June 2013.”

Looking at the silver market, the LBMA said that trading activity also increased by 5% in March as an average of 149.7 million ounces were transferred daily between members, up from February’s 142.6 million ounces. The association noted that the silver average price in March was $16.22 an ounce, down 3.7% from February’s average price.

The report said that the average value of the daily trades was $2.43 billion, up slightly from $2.40 billion reported in February. The average number of silver trades rose to 697, up 5% from 663 trades in February; the number of ounces per transaction was relatively unchanged at 214,772 ounces.

Source: KitcoNews