Swiss Gold exports to India plunge nearly 60% m/m in September
NEW YORK (Scrap Register): Swiss gold exports to India declined sharply last month, with demand apparently hurt by high gold prices in lndian rupees, said Commerzbank in a snippet.
Analysts cited a Swiss customs data showing that the country exported only 16.5 tonnes of gold to India in September, which was nearly 60% less than in August.
The sharp rise in the gold price in Indian rupees is likely to have played its part in this. It has been picking up ever since mid-August as the currency has depreciated, and recently reached its highest level in over two years.
The All India Gems & Jewelry Trade Federation therefore envisages very weak gold demand around this year’s Hindu festivals of Dhanteras and Diwali, which will be taking place in early November, Commerzbank added.