Swiss gold exports rise in May due to higher shipments to India
Swiss gold exports rose in May after falling to their lowest in 10 months in April due to higher shipments to India, Swiss customs data showed.
Switzerland is the world’s biggest bullion refining and transit hub, while China and India are the largest consumer markets.
Swiss gold exports to India in May were the highest since September 2022, the data released on Tuesday showed.
Consumer demand for the precious metal in Asia is usually sensitive to high prices.
Gold prices are down almost 7% since early May when they hit a near-record high of $2,072. The metal touched its lowest since March 13 of $1,919.6 per troy ounce on Wednesday due to rising yields and technical selling pressure.
Following are numbers and comparisons.
Swiss total gold exports, monthly (kg)
| Export (kg) | |
| May 2023 | 152,193 |
| April 2023 | 113,375 |
| May 2022 | 106,458 |
Exports to key markets, monthly (kg)
| To China | To Hong Kong | To India | To Turkey | |
| May 2023 | 45,969 | 8,232 | 31,199 | 9,439 |
| April 2023 | 52,734 | 5,088 | 7,024 | 1,508 |
| May 2022 | 9,992 | 3,028 | 36,674 | 8,855 |
(By Polina Devitt; Editing by Richard Chang)
More News
First Quantum pulls back from arbitration on Panama copper mine
Signals potential for more negotiations with the nation over the Cobre Panama mine that’s been shuttered for more than a year.
March 31, 2025 | 04:30 pm
Freeport-McMoRan lowers first-quarter gold sales forecast
The company said it expects first-quarter gold sales to be roughly 100,000 ounces below its prior forecast of 225,000 ounces.
March 31, 2025 | 03:41 pm
{{ commodity.name }}
{{ post.title }}
{{ post.excerpt }}
{{ post.date }}
Comments