LME to end gold and silver futures trading by July: reports

The London Metal Exchange plans to end trading of gold and silver futures by July, citing low levels of trading activity, according to reports on Friday. The LMEprecious service, an initiative created by the LME, the World Gold Council and a group of leading industry players to introduce exchange-traded London precious metals products, is expected to be withdrawn on or about July 11, Bloomberg reported, citing a notice to LME members. Reuters had reported in October, citing three sources with direct knowledge of the matter, that a group of banks partnered with the LME to launch gold and silver futures in 2017 was preparing to abandon the project. Spot LME gold prices were last quoted at $1,946.20 an ounce on Thursday, while spot LME silver prices were at $24.55.

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