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Gold clearing statistics for October showed little change month on month, while Silver decreased significantly across the board.
Gold ounces transferred rose from a daily average of 20.6 million in September to 20.8 million, an increase of 1.2%. There was a 4.7% increase in the average price to $1043.16, resulting in a 6.0% rise in value to a daily average of $21.8 billion. The number of transfers dropped by 0.8% to a daily average of 1908.
Measured year-on-year, gold ounces transferred and the number of transfers were lower (falls of 13.1% and 15.3% respectively), but value increased dramatically, rising to 12.4%.
With regards to the silver statistics, Ounces transferred dropped 10.5% relative to September levels to a daily average of 101.1 million. Value fell by only 5.9% to a daily average of $1.74 billion, thanks to a rise in the average fixing price of 5.1% to $17.23. There was also a decrease in the number of transfers of 15.9% to a daily average of 341.
Silver transfers and ounces transferred were lower year on year. Ounces transferred fell by 25.7% and the number of transfers by 40%. However, the total value rose 22.5%.
Gold’s trading range in October was $58.25 based on the PM fix. After starting the month steadily at $1004.75, gold reached the monthly high of $1061.75 on 20th October, before ending the month at $1040.00.
Silver’s trading range in September was $1.78. Silver began the month at $16.55, and reached the month high of $17.99 on 13th September. Silver ended the month at $16.57.
© 2005-2008 London Bullion Market Association
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E mail@lbma.org.uk
T +44 (0)20 7796 3067
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© 2005-2008 London Bullion Market Association
13-14 Basinghall Street, London EC2V 5BQ
Eml. mail@lbma.org.uk
Tel. +44 (0)20 7796 3067
Fax. +44 (0)20 7796 2112