Swiss gold exports to China and India rise as prices fall

Swiss gold exports to China and India rise as prices fall
FILE PHOTO: Gold bars are pictured in a display area at the plant of refiner and bar manufacturer Argor-Heraeus in Mendrisio, Switzerland, July 13, 2022. REUTERS/Denis Balibouse

LONDON : Swiss gold exports to top markets China and India increased in September, while shipments to Turkey rose to the highest since April 2013, Swiss customs data showed on Thursday.

A decline in gold prices from more than $2,000 an ounce in March to around $1,650 has boosted demand for gold bars, coins and jewellery in Asia, where buyers typically take advantage of low prices.

Economic turbulence in Turkey has also encouraged buying of the metal, which is often seen by investors as a safe way to store more money.

Switzerland is the world’s biggest refining and transit hub for gold. Following are data and comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg)

Sep-22 174,185

Aug-22 121,794

Sep-21 117,369

SHIPMENTS TO KEY MARKETS (KG)

To China To Hong Kong To India To Turkey

Sep-22 44,020 610 34,600 32,226

Aug-22 37,807 1,034 19,359 23,695

Sep-21 21,700 14,160 50,448 0

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

 

 

Source: Reuters