Swiss July gold exports hit highest since April with higher supplies to India, UK
LONDON, Aug 20 (Reuters) -Swiss July gold exports rose to the highest since April as higher supplies to India and Britain offset reduced shipments to China, customs data from the world's biggest bullion refining and transit hub showed.
In India, the world's second-largest gold consumer and a major importer, demand received a boost from July's reduction of the state gold import tax to the lowest in 11 years. GOL/AS
London is the world's largest gold trading hub, where deals are done between banks and brokers rather than on a financial exchange.
With spot gold prices up 22% so far this year, Swiss gold exports to top consumer China and Hong Kong fell month-on-month in July, while deliveries to Turkey remained weak, the data showed.
Spot gold XAU= hit a record high of $2,525.24 per ounce on Tuesday as a weaker dollar and buying by Western investors extended the precious metal's rally amid bets the U.S. Federal Reserve will cut interest rates in September. GOL/
Swiss total gold exports and supplies to the key markets* (in kgs):
July 2024 | June 2024 | July 2023 | |
Total trade: | 106,418 | 68,418 | 115,109 |
- China | 10,000 | 12,250 | 25,045 |
- Emirates, Arab | 5,055 | 8,771 | 1,886 |
- France | 5,535 | 9,558 | 4,869 |
- Hong Kong | 205 | 5,025 | 42 |
- India | 35,096 | 6,886 | 9,336 |
- Italy | 1,883 | 1,947 | 3,218 |
- Saudi Arabia | 3,755 | 4,667 | 6,638 |
- Turkey | 5,016 | 5,528 | 35,274 |
- United Kingdom | 24,640 | 4,266 | 19,057 |
- USA | 8,528 | 1,421 | 792 |
* Source: Swiss customs. Data subject to revision.
Reporting by Polina Devitt
Editing by Kirsten Donovan
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