Switzerland Gold exports to China, India plunge in February
ZURICH (Scrap Register): The most recent trade data show weak exports of gold last month to the key buying nations of China and India, although India’s demand is likely to pick up due to lower prices in the local currency said Commerzbank in a snippet.
Analysts cited data from the Swiss Federal Customs Administration showing that Switzerland exported only 11.4 tons of gold to China and Hong Kong in February. Exports to India totaled 15.8 tons, a year-on-year decline of 43%.
“By contrast, figures published nearly two weeks ago by the Indian Ministry of Finance had pointed to a revival of Indian gold demand,” Commerzbank noted.
They indicated that the wedding season saw India import more gold in February than a year earlier (70.7 tons).
Indian gold imports are likely to gain further momentum in the next few months as gold prices in Indian rupees have fallen sharply since mid-February, and the upcoming elections should generate increased gold demand among the rural population, Commerzbank added.