Gold clearing statistics in March rise on month, on year: LBMA

London (Platts)--12Apr2006

Clearing statistics for gold in March were higher for the second
consecutive month, the London Bullion Market Association said Wednesday.
Ounces transferred in gold rose 4.6% to 20.6 million oz--the highest level
since June 2002.
Based on an average fixing of $557.094/oz--$2 higher than February--value
rose to a daily average of $11.5 billion. The number of transfers was
the only measure to decline, falling 4.5% to an average of 1,156/day--but
this was still the highest level for March since 1998.
Measured year-on-year, gold statistics were sharply higher across the
board. Ounces transferred rose by 28.9% and value was 65.7% higher, due to the
ongoing higher average from last year. The number of daily transfers increased
33%.
Bullion showed a wider trading range in February than January, with the
gold price showing considerable volatility from one day to the next. The
market traded quietly in the $560s for the first several days of March, the
LBMA said, before coming under selling pressure. It dropped $10, then held
briefly around $550/oz before a fresh $15 sell-off between March 9 and March
10 took it to the month-low fixing of $535/oz on the afternoon of March 10.
Gold recovered to trade around the $550/oz level for several days, but as
the month end approached, it rallied sharply, reaching the month high fixing
of $584/oz on the afternoon of March 30th, closing with a final fixing of
$582/oz.

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