Swiss August Gold exports hit lowest level since 2014
NEW YORK (Scrap Register): Swiss customs data show the country, a key conduit for the movement of gold globally, posted its fewest gold exports in three years during August at 71 tons.
According to Commerzbank, this was the smallest gold export volume in one month since at least early 2014. Only 15.9 tons were exported to India last month, 27% less than last August and the lowest amount in 13 months.
Exports to China and Hong Kong totaled 20.7 tons, which was down 53% year-on-year figure and the smallest quantity in three years.
Asian gold consumers are therefore displaying increasing price sensitivity (noticeably less gold was also exported to Thailand and South Korea), Commerzbank added.
For example, gold prices in Indian rupees and in Chinese yuan rose significantly in July and August, which presumably deterred buyers.
As such, the gold price is currently lacking one important demand component, for India and China together account for more than half of global gold demand.