July 9, 2019 / 9:14 AM / 5 months ago

London gold trading volumes surged in late June as prices rocketed - LBMA

FILE PHOTO: A pedestrian walks past a window displaying a representation of a gold bar at a bullion broker in Piccadilly, London, Britain, December 11, 2017. REUTERS/Toby Melville

LONDON (Reuters) - Members of the London Bullion Market Association (LBMA) traded 227.6 million ounces of gold worth around $300 billion (£240 billion) during the week to June 23, the biggest weekly total since data began in November, the LBMA said on Tuesday.

The rise in activity came as gold prices rocketed, hitting a six-year peak of $1,438.63 on June 25 after four weeks of rapid gains.

Volumes dipped slightly in the week ending June 30 to 225.7 million ounces, but remained far above the average since November of 151 million ounces a week, the LBMA said.

London is a global gold trading hub where most transactions are made in over-the-counter trades between banks, brokers and dealers.

The LBMA measures deals reported by its members that settle in London and Zurich, another precious metals trading centre closely connected to London.

Volumes on the COMEX exchange in the United States, the world’s biggest gold futures market, also shot up last month.

1.9 million contracts equivalent to 193 million ounces traded during the week to June 21 and 2.1 million contracts representing 205 million ounces traded the following week — the highest since May 2018.

Reporting by Peter Hobson; Editing by Jan Harvey

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