The average price of gold in July was $1,236/oz, representing a month-on-month fall of 1.9%, the London Bullion Market Association said Thursday, with the average price of silver down 4.7% at $16.14/oz.
The average volume of gold ounces transferred fell by 4.7% to 20 million, with the corresponding value down by 6.5% to $24.7 billion.
These figures represent transfers between the five members of London Precious Metals Clearing Ltd -- HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS.
"The number of transfers in July was 2,800, broadly in line with the previous month, with the clearers settling on average 7,149 ounces per transfer, 4.4% lower than the corresponding figure for June," the statement read.
The volume of silver ounces transferred increased by 1.7% to 207.1 million ounces with the corresponding value 3.2% lower at $3.34 billion.
"The number of transfers increased by 5.3% to 939, with the clearers settling on average 220,534 ounces per transfer, a decrease of 3.4% on the previous month," the LBMA added.
The average gold/silver price ratio in July was 76.6, the highest average monthly ratio since March 2016.
