Swiss gold exports rise in May due to higher shipments to India

Credit: REUTERS/DENIS BALIBOUSE

LONDON, June 21 (Reuters) - Swiss gold exports rose in May after falling to their lowest in 10 months in April due to higher shipments to India, Swiss customs data showed.

Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets.

Swiss gold exports to India in May were the highest since September 2022, the data released on Tuesday showed.

Consumer demand for the precious metal in Asia is usually sensitive to high prices.

Gold prices XAU= are down almost 7% since early May when they hit a near-record high of $2,072. The metal touched its lowest since March 13 of $1,919.6 per troy ounce on Wednesday due to rising yields and technical selling pressure.

Following are numbers and comparisons.

SWISS TOTAL GOLD EXPORTS, MONTHLY (KG)

EXPORT (kg)

May 2023

152,193

April 2023

113,375

May 2022

106,458

EXPORTS TO KEY MARKETS, MONTHLY (KG)

To China

To Hong Kong

To India

To Turkey

May 2023

45,969

8,232

31,199

9,439

April 2023

52,734

5,088

7,024

1,508

May 2022

9,992

3,028

36,674

8,855

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

(Reporting by Polina Devitt; Editing by Richard Chang)

((polina.devitt@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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