Lower Gold Price, Silver Prices Boost Trading Activity In October

New York (Nov 30)  Gold’s trading activity increased in October as prices fell for a second consecutive month, said the London Bullion Market Association.

According to the LBMA’s daily clearing statistics, gold fell 4.5% in October with prices averaging $1,266.57 an ounce and with lower prices, trading activity among LMBA members increased with the volume of ounces transferred rising to 18.6 million,  up 8.9% from September.

The value of gold transferred last month increased to $23.5 billion, up more than 4% from the previous month. The number of transfers fell to 2,672, down 3.8% from September, but the number of ounces per transfer actually rose13% to 6,946, according to the LBMA.

The silver market saw a similar trend as activity increased while prices dropped.

 The LBMA said silver averaged $17.74 an ounce, down 8% from September and its third straight monthly decline. However, the association noted that silver is still up 27% since the start of the year.

Looking at trading activity, the volume of ounces transferred last month was 193.6 million, up more than 8% compared to September. The total value of silver transferred last month totaled $3.43 billion, down 0.6% from September.

The number of silver transactions rose to 708, up 2.5% from the previous month with

 273,351 ounces per transfer, a rise of 5.4%

Source: KitcoNews