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Daily gold transfers dip in July - LBMA

Fri, 13th Aug 2010 18:15

LONDON, Aug 13 (Reuters) - Gold ounces transferred between accounts held b
y bullion clearers fell 15.3 percent to a daily average of 17.6 million ounces in July from a month earlier, the London Bullion Market Association (LBMA) said on Friday.

The clearing statistics measure how much gold and silver are transferred on a net basis between the accounts held at the bullion clearers.

Based on an average fixing of $1,193 an ounce, 3.2 percent below the June average, value fell to a daily average of $21 billion. The number of transfers declined 3.2 percent to a daily average of 1,684.

Measured year-on-year, gold statistics were mixed. Ounces transferred fell 0.3 percent, but value jumped 27.3 percent and the number of transfers rose by 27.8 percent.

Ounces transferred in silver fell 32.7 percent to a daily average of 57.2 million. 'The substantial fall in silver ounces transferred, for the second month in a row, brought this measure to the lowest level since these statistics were first produced in 1996,' the LBMA said.

Based on a 2.7 percent drop in the average fixing price, the value of transfers fell to a daily average of $1.03 billion.

The number of transfers fell 12.9 percent to a daily average of 290. Measured year-on-year, ounces transferred fell 36.8 percent and value decreased 15.1 percent. The number of transfers fell 6.5 percent.

(Reporting by Jan Harvey; Editing by Sue Thomas) Keywords: PRECIOUS GOLD/LBMA

(jan.harvey@thomsonreuters.com; +44 207 542 7744; Reuters Messaging: jan.harvey.reuters.com@reuters.net)

Copyright Thomson Reuters 2010. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.

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