Swiss August gold exports show no supplies to China, for first time in 3-1/2 years

“These figures came at little surprise, given exports to Greater China had already weakened in July amid slowing demand,” said Junlu Liang, senior analyst at consultancy Metals Focus.

“The fact that local gold prices on the Shanghai Gold Exchange switched to a discount to the London price in August also undermined incentives for importing gold into China.”

In the absence of shipments to China and low supplies to Hong Kong, Swiss August total gold exports fell to the lowest since June.

However, deliveries to India, the world’s second-largest gold consumer and a major importer, rose 38% month-on-month in August as the country reduced the state gold import tax to the lowest in 11 years in July.

“While Chinese demand is notably softer at these higher prices, India has been picking up the slack,” said Nicky Shiels, head of metals strategy at MKS PAMP SA.

Spot gold prices hit a record high of $2,599.92 per troy ounce on Wednesday.

Swiss total gold exports and supplies to the key markets (in kgs):

(By Polina Devitt; Editing by Alex Richardson)