UNITED KINGDOM August 24 2016 6:21 PM
LONDON (Scrap Register): Swiss customs data show the country’s gold exports remained high last month and the U.K. remains a notable importer, said Commerzbank.
Analysts cite data showing that Switzerland exported 192 tons of gold in July, the most since December. Only 37% was shipped to Asia.
“Although gold exports to China and Hong Kong remained at the previous month’s level of 55.5 tons, they were nonetheless nearly twice as high as at the same time last year,” said Commerzbank.
“By contrast, gold exports to India fell both month-on-month and year-on-year to 16.2 tons. The latter could be due among other things to the high gold prices in India itself; they climbed for a time in July to their highest level in nearly three years, which apparently led to consumer reticence.”
As a result, Indian gold demand remains subdued in the run-up to the autumn festival season, the bank added.
“By contrast, Switzerland appears to have exported large amounts of gold once again to the United Kingdom, where a number of gold ETFs (exchange-traded funds) store their gold,” Commerzbank noted.
