EDITOR NOTE: Switzerland is the largest bullion refining center and gold transit hub in the world. Reports on Swiss gold exports give a clear picture of where global gold demand is coming from. Recently, the European country reported that gold exports to India hit a five-month high. Swiss exports of gold jumped from 94,081 kg to India in July to 116,442 kg in August. The numbers are also up year-over-year. Exports were at 112,004 kg in August 2020. This report is in line with many others that say India’s central bank is in the process of stockpiling gold. Interestingly, although China had also been buying more gold in the last year, Swiss exports to the communist country fell slightly from July to August, from 20,000 kg to 18,200 kg.
Swiss exports of gold to India jumped to a five-month high in August while shipments to China fell, Swiss customs data showed.
Swiss exports of gold to India jumped to a five-month high in August while shipments to China fell, Swiss customs data showed on Tuesday.
Switzerland is the world's largest bullion refining centre and transit hub and its data give insight into global demand trends. China and India are the largest consumers of gold.
Swiss gold exports
In 2020, Swiss shipments to China and India plunged as the coronavirus spread, and exports to India fell again this year when the Delta variant of the virus took hold there.
Following are numbers for August and comparisons:
SWISS TRADE DATA (KG)
SHIPMENTS TO KEY MARKETS (KG)
To China To Hong Kong To India
Aug-21 18,200 2,085 70,294
Jul-21 20,000 6,129 36,502
Aug-20 10,000 0 20,163
Originally posted on NDTV