May 8, 2017 / 11:32 AM / 3 months ago

LBMA to publish precious metal holdings in London vaults from summer 2017

LONDON (Reuters) - The London Bullion Market Association will publish details of physical gold and silver holdings in London vaults from summer 2017, it said in a statement on Monday.

It plans to publish holdings of platinum and palladium from a later date, it said.

London is the largest gold trading center in the world, with an average $18.1 billion in gold trades cleared per day in March, the LBMA said.

Gold is held in the city in vaults owned by the Bank of England, and a number of commercial banks.

"Publication of aggregate physical holdings is the first step in reporting for the London precious metals market," the association said. 

"The next step is trade reporting. The collection of trade data will add transparency to the market and provide gross turnover for the Loco London market."

Currently, gross turnover is calculated from one-off surveys or estimated from clearing statistics, it said.

Reporting by Jan Harvey; editing by Jason Neely

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