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Swiss Gold exports to China advance sharply during January

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SHANGHAI (Scrap Register): Swiss data showed that gold exports to China and Hong Kong picked up ahead of Chinese New Year festivities, accounting for roughly two-thirds of Switzerland’s exports last month, Commerzbank pointed out.

Analysts cited data from the Swiss Federal Customs Administration showing that Switzerland only a little more than 107 tonnes of gold in January. That said, last year also saw only smaller quantities of gold exported in the first two months, Commerzbank added.

Exports to China and Hong Kong picked up by a very considerable 70% year-on-year to total 66 tons, which Commerzbank attributes to higher gold demand ahead of the Chinese New Year Festival.

By contrast, January exports to India were only roughly half as high – at a good 14 tons – as they were last January. Last week already saw the Indian Ministry of Commerce report a noticeable decline in gold imports in January. Thomson Reuters GFMS had also talked about weak Indian gold demand.

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