GOLD NEWS

Swiss gold exports fall on lower supplies to India

Thu Oct 17 2024

Swiss gold exports fell in September to the lowest level since June owing to reduced shipments to India, customs data from the world's biggest bullion refining and transit hub showed on Thursday.

This year's 30% gold price rally, which took spot prices to a record high of $2,696.59 per troy ounce on Thursday, has been affecting physical demand in price-sensitive Asian markets.

Some deliveries to China, the world's largest gold consumer, resumed in September after zero supplies in August, but exports to India, the world's second-largest gold consumer and a major importer, slumped to the lowest level since January, 2023.

Deliveries to India fell after massive supplies in August-July when the country reduced the state gold import tax to the lowest in 11 years, temporarily boosting demand.

Swiss total gold exports and supplies to the key markets* (in kgs):

Source: Swiss customs. Data subject to revision.