Swiss gold exports up in August

FE Team | Published: September 24, 2023 23:23:21

LONDON, Sept 24 (Reuters): Swiss gold exports rose by 7.3 per cent in August from July as higher deliveries to India and China offset lower supplies to Turkey, customs data showed on Tuesday.
Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices and time of the season.
Supplies to India, where jewellers usually make purchases for the October-November festival season, jumped by almost threefold to their highest since May, while shipments to China rose 1 per cent, the data showed.
China's physical gold premiums soared to a new high last week, amid strong demand to shore up a depreciating yuan and a lack of fresh import quotas.