Swiss gold exports fall on lower supplies to India

LONDON, Oct 17 (Reuters) – 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):
September 2024
August 2024
September 2023
Total trade:
81,053
88,278
99,068
– China
12,754
0
26,662
– Emirates, Arab
4,293
4,882
7,451
– France
5,328
458
5,280
– Germany
1,710
1,085
5,058
– Hong Kong
6,638
62
6,569
– India
5,590
48,333
17,100
– Italy
3,281
781
2,246
– Saudi Arabia
2,500
2,958
7,181
– Thailand
2,258
5,810
2,223
– Turkey
6,102
4,640
6,643
– United Kingdom
20,086
10,392
2,787
– USA
6,368
552
558

* Source: Swiss customs. Data subject to revision.

Source from Reuters: https://www.reuters.com/markets/commodities/swiss-gold-exports-fall-lower-supplies-india-2024-10-17/

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