INDIA June 23 2017 11:03 AM

LONDON (Scrap Register): The most recent Swiss trade data suggest robust gold demand in Asian nations, reported Commerzbank in a snippet.

Switzerland has exported 170 tons of gold in May, the most so far this year. Seventy percent was shipped to Asia. This includes 67.8 tonnes shipped to India, the most since November 2015. 

Part of this could be Indians moving ahead gold purchases because of a goods and services tax to be levied on the metal starting July 1, Commerzbank explains. 

Meanwhile, Swiss exports to China and Hong Kong combined amounted to “only” 51.2 tons, less than last month. All in all, the Swiss data reflect robust Asian gold demand, Commerzbank concluded.