World Cup leads to sharp fall in June hallmarking

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Gold hallmarking drops by 28 percent from the previous year.

Hallmarking volumes fell by 17 percent in June, against 2009, the four UK Assay Offices have reported.

The offices attributed the sharp decline to World Cup distractions and the Summer Weather’s negative impact on retail footfall.

The figure compounded the 5.6 percent reduction in growth seen in May, which was blamed on election uncertainty.

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The majority of the decline stemmed from a continued fall in gold hallmarking, which saw a decrease of 28 percent down to 416 thousand pieces from 2009. The price of gold was at an average of £835 per oz throughout the month.

Silver also showed a decline of 11 percent to 83 thousand pieces in June from the previous year. Platinum declined by 3.3 percent to 23 thousand.

Overall total volumes for the quarter were 4.5 percent down on 2009 at 3,218,274 articles, including 36,486 pieces of palladium, which has continued to gain in popularity since it was added to the list of precious metals at the beginning of this year.

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