Switzerland's Gold Exports Up In August Due To Higher Shipments To India

(September 19, 2023 - Reuters)

Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season.

Swiss gold exports rose by 7.3% in August from July as higher deliveries to India and China offset lower supplies to Turkey, customs data showed on Tuesday.

Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season.

Supplies to India, where jewelers usually make purchases for the October-November festival season, jumped by almost threefold to their highest since May, while shipments to China rose 1%, the data showed.

China's physical gold premiums soared to a new high last week, amid strong demand to shore up a depreciating yuan and a lack of fresh import quotas.

Gold prices are down 0.3% so far in September due to a strong dollar which makes the precious metal more expensive for holders of other currencies.