COVID keeps Swiss gold exports to India subdued in June

LONDON (Reuters) – Swiss exports of gold to India edged higher in June, although they remained far below levels earlier this year, and shipments to mainland China fell, Swiss customs data showed on Tuesday.

The Sicpa Oasis validator system (bullion protect) is pictured on one kilogram bar of gold at Swiss refiner Metalor in Marin near Neuchatel, Switzerland July 5, 2019. Picture taken July 5, 2019. REUTERS/Denis Balibouse/Files

China and India are the world’s largest consumers of gold, while Switzerland is the world’s largest gold refining centre and transit hub.

Swiss shipments to China and India plunged after the coronavirus emerged last year, and exports to India, which were averaging nearly 60 tonnes a month in the early part of the year, have fallen again in recent months as the Delta variant of the virus spread.

Swiss gold exports to China and India

With demand in Asia weak, more gold has flowed from Switzerland to Britain and the United States, both large trading and storage centres.

Following are numbers for June and comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg)

Jun-21 126,851

May-21 82,315

Jun-20 96,414

SHIPMENTS TO KEY MARKETS (KG)

To China To Hong To India To To the

Kong Britain U.S.

Jun-21 19,000 12,749 6,292 38,396 28,199

May-21 32,750 3,800 2,037 22,308 6,087

Jun-20 0 10 900 4,234 68,265

* Source: Swiss customs. Data subject to revision by source.

Source: Read Full Article