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Yep, September was a record month for gold market – CME

The trading stats are in and its official: September was a record-breaking month for the gold market.

Wednesday, the CME Group, the world's leading and most diverse derivatives marketplace, said that volume in the metals market averaged 818,000 contracts per day last month, up 37% from last year and the second highs average daily volume in the exchange’s history.

According to the latest trade statistics, the precious metals led the way in the marketplace. On September 24 the gold market saw record open interest of 659,000 contracts.

At the same time, gold futures saw record quarterly average daily volume of 469,000 contracts. Including options, the gold’s average volume rose to 549,000 in the third quarter, an increase of 61% from last year.

It wasn’t just gold that saw strong market action. The CME said that the exchange saw record average daily volume of 17,000 contracts in silver options, an increase of more than 100% from last years.

Average daily volume in silver futures and options rose to 149,000 in September, up 57% compared to last year.

September was also an interesting month for platinum. The CME said that the precious metal saw record open interest of 99,300 contracts on September 13; at the same time, the metal saw record average daily volume of 37,000 contracts.

September was a big month for gold as prices pushed to a six-year high early in the month; silver pushed to a two-year high; platinum prices pushed to a 1.5 year high. Although gold prices have slipped from last month’s highs, analysts have noted that the market has been fairly resilient with prices pushing back above $1,500 an ounce after hitting nearly a two-month low.

December gold futures last traded at $1,506.30 an ounce, up more than 1% on the day.

Courtesy - Kitco

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