Swiss gold exports to China and Turkey stay strong, shipments to India fall
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LONDON,(Reuters) – Swiss gold exports to China and Turkey remained strong in October while shipments to India fell, Swiss customs data showed.
Switzerland is the world’s biggest refining and transit hub for gold and its data reveal global market trends.
Gold has moved from West to East in recent months as investors in Europe and the United States sold, pushing down prices <XAU=> and boosting demand in Asia, where buyers typically take advantage of low prices.
Economic turbulence in Turkey has also encouraged buying of gold, which is often seen by investors as a safe way to store wealth.
Switzerland in October exported 43.7 tonnes of gold worth around $2.4 billion to mainland China, down from 44 tonnes in September, and 31.4 tonnes to Turkey, down from 32.2 tonnes in September.
The shipments to Turkey in September were the highest for any month since April 2013, the customs data showed.
Switzerland also exported 10.1 tonnes of gold to Singapore in October, up from 9.1 tonnes in September and the most for any month since August 2018.
Exports to India fell to 22.2 tonnes in October from 34.9 tonnes in September.
Gold prices fell from more than $2,000 an ounce in March to below $1,650 in September and October, before recovering to around $1,765 on Thursday.
Below are numbers for October and comparisons.
SWISS TRADE DATA (KG)
EXPORT (kg)
Oct-22
159,568
Sep-22
174,381
Oct-21
142,732
SHIPMENTS TO KEY MARKETS (KG)
To China
To Hong Kong
To India
To Turkey
Oct-22
43,736
3,321
22,194
31,440
Sep-22
44,020
610
34,850
32,226
Oct-21
58,525
16,685
40,912
0
* Source: Swiss customs. Data subject to revision by source.
