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  • Swiss gold exports down due to lower shipments to China, India

    Tue Aug 22 2023

     

    Swiss gold exports fell 2% in July from June as lower deliveries to China and India failed to compensate for a sharp growth in supplies to Turkey, Swiss 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 China fell by 19% in July to their weakest since May, 2022, while shipments to India slumped by 60% to their lowest level since April, 2023, the data showed.

     

    Gold prices are down 3% so far in August, and local jewellers have begun making purchases for the upcoming festival season, according to local bullion dealers.

     

    Shipments to Turkey, where demand has been strong amid high inflation, jumped by more than twofold in July and reached their highest level since February, 2023.

       

        SWISS TOTAL GOLD EXPORTS           (KG)*

    EXPORT

     

    Jul-23

    114,884

     

    Jun-23

    117,724

     

    Jul-22

    186,158

     

     

        EXPORTS TO KEY MARKETS (KG)  

     

    To China

    To Hong Kong

    To India

    To Turkey

    Jul-23

    25045

    42

    9336

    35049

    Jun-23

    30991

    7396

    23369

    13134

    Jul-22

    80149

    3679

    15836

    20128

     

     Source: Swiss customs. Data subject to revision by source.

     

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