London Gold Trade Reached 20-Month High After Price Drop
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London gold trading jumped to a 20-month high in April and silver volumes surged 25 percent after a plunge in prices for both precious metals spurred an increase in physical buying, the London Bullion Market Association said.
Trading in gold averaged 24.1 million ounces a day in the London market, the most for any month since August 2011, the LBMA said in a statement e-mailed today. The total compared with 21.8 million ounces a day in March. Silver volume was 165.2 million ounces a day, up from 132.5 million ounces in the previous month. There were 5,395 gold transactions on average per day, the highest on record, while silver transfers at 1,007 a day were the second-highest ever, according to the report.