MUMBAI (Scrap Register): Monthly data from the Swiss Federal Customs Administration show that gold demand in key Asian buying nations was weak during October, said Commerzbank.

The report shows that Switzerland exported only 11.3 tonnes of gold to India last month, the least in at least five years. This was probably due to sharp rises in local gold prices, as gold in Indian rupees increased by over 10% in price between mid-August and mid-October, Commerzbank added.

The high Hindu festivals of Dhanteras and Diwali in early November, when a lot of gold is normally given as gifts, were unable to redress the balance.

Also, Swiss gold exports to China and Hong Kong totaled only 34.3 tonnes last month. Only in July was somewhat less gold shipped from Switzerland to China and its neighboring former British crown colony, Commerzbank added.

Gold in the Chinese yuan had increased by a good 6% in price between mid-August and the end of October. However, Commerzbank added that since World Gold Council figures showed that Chinese demand was robust in the first three quarters of the year, China may well have recently imported more gold from other countries.