LONDON, June 16: Gold clearing volumes fell 6.1 per cent to a daily average of 24.5 million ounces in May from the previous month, the London Bullion Market Association (LBMA) said on Friday.Based on an average fixing of $675.393 an ounce against $610.653 in April, gold value rose to a daily average of $16.5 billion -- the highest-ever level.

The number of transfers increased to an average of 1,588 a day from 1,388, it said in a statement.

The statistics were up year on year, with ounces transferred jumping 45.8 per cent and the number of transfers nearly doubling.

Silver clearing volumes declined 13.6 per cent to a daily average of 205.7 million ounces.

Based on an average fixing of $13.449 an ounce, value fell to a daily average of $2.80 billion.

Silver statistics year-on-year were higher, with ounces transferred rising 35.2 per cent and the number of transfers increasing by 57.1 per cent.

The figures exclude allocated and unallocated balance transfers where the sole purpose

is for overnight credit and

physical movements arranged by clearing members in

locations other than London.

—Reuters