Swiss Gold Exports Tumbled in July: Customs Data

SEATTLE (Scrap Monster): The Swiss gold exports recorded marginal decline by 2% during the month of July this year. This is in comparison with the prior month. The diminished exports from the world’s largest bullion refining and transit hub were primarily due to comparatively lower deliveries to key consumer markets- India and China, said the Swiss Customs data.

The monthly gold exports by Switzerland totalled 114,884 kilograms in July 2023, compared with 117,724 kilograms in June this year and 186,158 kilograms in July 2022.

The supplies to China recorded a decline by 19% during the month. The exports, at 25,045 kilograms, hit the lowest level since May last year. It must be noted that the shipments to China had totalled 30,991 kilograms during the prior month and 80,149 kilograms during the same month a year before.

The gold shipments to India witnessed significant decline by 60%, falling to their lowest level since April 2023. The exports totalled 9,336 kilograms in July this year. This compares with 23,369 kilograms in June 2023 and 15,836 kilograms in July 2022.

Meantime, shipments to Turkey surged by more than twofold in July to touch the highest level since February 2023. The exports totalled 35,049 kilograms during the month, but were not enough to compensate for the weak supplies to India and China.