India, Chinese demand lift August Swiss Gold exports to 14-month high
ZURICH (Scrap Register): Swiss gold exports picked up in August, said Commerzbank in a snippet.
Analysts cite data from the Swiss Federal Customs Administration data showing that August gold shipments rose 30% month-on-month to a 14-month high of 150.5 tons.
Significantly more gold was shipped to China and India in particular, which points to reviving demand in these two leading gold-consumer countries, Commerzbank added.
Swiss gold exports to India rose to 39.5 tons, the most since May 2017. This is consistent with the higher gold imports reported by the Indian Ministry of Finance.
The current debate about a possible increase in gold import duty could drive demand even higher, at least in the short term.
Meanwhile, Swiss gold exports to China climbed to 44.3 tons in August, the second-highest level this year.
This contrasts with a slump in deliveries to Hong Kong, however, with the result that China and Hong Kong combined saw imports that were well below the average monthly level of the first half of the year, Commerzbank added.