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As per a latest data revealed by London Bullion Market Association showed that the amount of gold transferred between accounts held by bullion clearers has jumped to a 12-year high for a second month.

02 Aug 2013

LONDON (Commodity Online): Gold seems to be on the run, practically.

As per a latest data revealed by London Bullion Market Association showed that the amount of gold transferred between accounts held by bullion clearers has jumped to a 12-year high for a second month.

At an average of 29 million ounces a day, gold transfers between accounts held by bullion clearers jumped to a 12-year high in June for a second month Reuters quoted data from the industry group London Bullion Market Association. In the same month previous year, the gold transfer was 19.1 million ounces. This shows nearly 50 per cent jump on year-on-year basis.

The data showed that in value terms the gold transfers touched $ 38.9 billion for the month of June lower than $ 39.8 billion reported in May. For the month of June 2013 total number of transfers stood at 4624, which was 5088 in May 2013. Last year in June number of transfers was 3,162.

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

For silver, the quantity transferred stood at 153.3 million ounce for June 2013, as against 149.4 million in June last year. However, in value terms the transfers remained lower at $ 3.24 billion for June 2013 as against $ 4.19 billion in the same month last year.

Gold prices fell by more than a quarter in the first half of the year, with selling particularly heavy from gold-backed exchange-traded funds.

"The average price of gold in June fell 5 percent to $1,342 an ounce," the LBMA said. "In contrast, demand for gold has increased by 39 percent since January, buoyed by strong physical demand, particularly from China and India which has more than offset sales by ETFs... in the western economies."

(Story image courtesy of ponsulak at FreeDigitalPhotos.net) 


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