SEATTLE (Scrap Monster): The World Gold Council (WGC) Gold Market Commentary Report noted that year-to-date Swiss gold exports in 2022 touched its highest level since 2018.
The Swiss gold exports totalled 202 tonnes in July this year, registering more than two-fold surge when compared with 97 tonnes in the prior month. The exports touched the highly monthly level since December 2016. The primary driver was the 147% month-on-month rise in exports to China. Also, significant increases were recorded in exports to most major markets including India, Germany, Thailand, UK and Turkey.
The local gold prices in China rebounded in August. However, the local gold consumption maintained the strong levels recorded in July. The India retail demand bounced back in August, driven by pick up in gold jewellery demand ahead of the wedding season. The price correction also triggered wedding and regular purchases of the yellow metal. The bar and coin demand too remained robust during the month.
According to WGC, the central banks net gold purchases totalled 37 tonnes in July, primarily driven by Qatar, India, Turkey and Uzbekistan. Meantime, gold ETFs registered net outflows of 51 tonnes on the back of significant outflows from North American, primarily US funds.