Switzerland exported more gold to Asia again in August

23-Sep (EconoTimes) — Gold proved unable to completely ignore yesterday’s downswing on the commodities markets and fell to a good $1,120 per troy ounce.

“This morning is seeing a moderate recovery movement, with gold again priced roughly $5 higher. According to data from the customs authorities, Switzerland exported 173.9 tons of gold in August, 8% more than in the previous month. Nearly 70% of this total was shipped to Asia”, notes Commerzbank.

Whereas exports to India remained constant month-on-month, 50% more gold was exported to China. Exports to Hong Kong were actually more than twice as high as in July, which suggests that China also imported more gold from Hong Kong last month.
The corresponding figures will be published by the Census and Statistics Department of the Hong Kong government in the next few days. India is also likely to import more gold again in the coming months given that the All India Gems & Jewellery Trade Federation predicts that gold demand there will pick up noticeably in the fourth quarter.

[source]

PG View: Be sure to listen to the interview with the director of one of the largest Swiss refineries. Very telling!