LONDON (Reuters) – Swiss gold exports in October rose to their highest level since May as deliveries to India surged to meet demand during the country’s festive season, customs data showed on Tuesday.
Switzerland is the world’s biggest bullion refining and transit hub, while India and China are the largest consumer markets where local demand depends on the season and is sensitive to high gold prices.
India’s October gold imports surged 60% from a year earlier to a 31-month high as a drop in prices ahead of a key festival prompted jewellers to ramp up purchases, a government source said on Monday.
“The Hindu festivals of Dhanteras and Diwali, held earlier this month, tend to be drivers for gold purchases so dealers stocked up in October,” analysts at Heraeus Precious Metals said.
Current high gold prices in India may affect demand in the country towards the end of 2023, they added in a note. Spot gold in London touched the highest since November 3 on Tuesday. [GOL/]
SWISS TOTAL GOLD EXPORTS (in kgs)*
October 2023 151,344
September 2023 99,068
October 2022 159,459
EXPORTS TO KEY MARKETS (in kgs)
To China To Hong Kong To India To Turkey
October 22,761 7,347 49,417 7,692
September 26,662 6,569 17,100 6,643
October 43,736 3,321 22,194 31,540
* Source: Swiss customs. Data subject to revision by source.
(Reporting by Polina Devitt; editing by Alexander Smith)