GOLD NEWS

Swiss gold exports fall on lower shipments to India and Hong Kong

Fri June 21 2024

Swiss gold exports in May were down from the previous month owing to reduced shipments to India and Hong Kong, customs data showed. Switzerland is the world's biggest bullion refining and transit hub while China and India are the largest consumer markets, where demand depends on the season and is often sensitive to high gold prices.

Spot gold prices hit record highs in May and Swiss gold exports to India and Hong Kong fell sharply while deliveries to China and Turkey were down only slightly, the data showed. SWISS TOTAL GOLD EXPORTS (in kgs)* EXPORT May 2024 103,380 April 2024 123,596 May 2023 152,505 EXPORTS TO KEY MARKETS (in kgs) To China To Hong Kong To India To Turkey May 2024 36,243 1,535 14,000 9,449 April 2024 36,541 7,710 24,588 9,957 May 2023 45,969 8,232 31,199 9,439 * Source: Swiss customs. Data subject to revision.

Source: https://www.zawya.com