Gold Clearing in London at Decade Low as Interest in Metal WanesBy
Interbank measure, a pointer for trading in gold, declines 12%
It's ``simply not in vogue'': Triland's precious metals chief
A pointer to London’s gold trading volumes fell to a more than decade low in a show of sagging interest by investors as the precious metal heads for its third year of losses.
Gold transfers shrank 12 percent in September to 15.6 million ounces, the London Bullion Market Association said in an e-mailed statement.
“Gold is simply not in vogue at the moment,” Adam Finn, Triland Metals’ head of precious metals in London, said by phone Friday. Since 2013, weakening demand for the commodity has pushed prices lower, in turn eroding interest among investors in the metal, he said.
Gold for immediate delivery is down 3.6 percent this year at $1,142 an ounce, according to Bloomberg generic pricing, adding to about a 30 percent drop in the previous two years.
In contrast to gold, silver clearing expanded 15 percent to 163.4 million ounces in September, the highest level since November 2014, the bullion association said.
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