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  • Swiss July gold exports hit highest since April with higher supplies to India, UK

    Tue Aug 20 2024

    Swiss July gold exports rose to the highest since April as higher supplies to India and Britain offset reduced shipments to China, customs data from the world's biggest bullion refining and transit hub showed. In India, the world's second-largest gold consumer and a major importer, demand received a boost from July's reduction of the state gold import tax to the lowest in 11 years. GOL/AS

    London is the world's largest gold trading hub, where deals are done between banks and brokers rather than on a financial exchange. With spot gold prices up 22% so far this year, Swiss gold exports to top consumer China and Hong Kong fell month-on-month in July, while deliveries to Turkey remained weak, the data showed. Spot gold XAU= hit a record high of $2,525.24 per ounce on Tuesday as a weaker dollar and buying by Western investors extended the precious metal's rally amid bets the U.S. Federal Reserve will cut interest rates in September. GOL/

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

     

    July 2024

    June 2024

    July 2023

    Total trade:

    106,418

    68,418

    115,109

    - China

    10,000

    12,250

    25,045

    - Emirates, Arab

    5,055

    8,771

    1,886

    - France

    5,535

    9,558

    4,869

    - Hong Kong

    205

    5,025

    42

    - India

    35,096

    6,886

    9,336

    - Italy

    1,883

    1,947

    3,218

    - Saudi Arabia

    3,755

    4,667

    6,638

    - Turkey

    5,016

    5,528

    35,274

    - United Kingdom

    24,640

    4,266

    19,057

    - USA

    8,528

    1,421

    792

    * Source: Swiss customs. Data subject to revision.

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