Swiss Gold Exports to Asian Countries Plummeted

SEATTLE (Scrap Monster): The Customs data suggests that gold exports from Switzerland to Asian countries including China and India tumbled in the month of September this year. The country imported record volume of bullion from Hong Kong and shipped huge volumes to storage and trading hubs in London.

The Western investors overtook Asian buyers, thus turning out to be the key drivers of gold demand since the outbreak of Covid-19 pandemic. The extended lockdown in India resulted in closure of jewellery outlets. The drop in income by Indian households resulted in reduced gold purchases.

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The Swiss gold exports to the U.S. recorded second straight month of decline in September 2020. The exports to that country had surged higher during early-2020, on account of higher gold prices in U.S. domestic market.

According to Customs data, Switzerland exported 1.5 tonnes of gold to China. The exports to Hong Kong and India totalled 2.4 tonnes and 5 tonnes respectively. This compares with the shipments of 10 tonnes and 20.2 tonnes to China and India respectively in August this year. Switzerland had not shipped any gold to Hong Kong during that month.

On the other hand, Switzerland imported 37.7 tonnes of gold from Hong Kong in Sep ’20, significantly higher from 25.5 tonnes in August. Meantime, it exported 50.9 tonnes to Britain, jumping multi-fold from 18.4 tonnes in August.