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Swiss gold shipments to India surge

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(Kitco News) - The latest Reuters report about Swiss gold exports showed that exports to India surged to a 5-month high in August.

Switzerland is the world's largest bullion refining centre and transit hub. The data from there gives us insight into global demand trends. China and India are currently the largest consumers of gold. In 2020, Swiss shipments to China and India dropped as the coronavirus spread, and exports to India fell again this year when the Delta variant of the virus took hold there.

Retail demand strengthened during the month with a correction in the gold price and wedding purchases. The domestic gold price ended 2.4% lower in August at Rs47,106/10g1 which could help demand stay firm. This means in value terms over August imports surged to $6.7 billion from $3.7 billion a year ago.

Previously a government source had said India imported 121 tonnes of gold in August, compared to 63 tonnes a year earlier, the source said on Monday on condition of anonymity as he is not authorized to speak to media. This proved to be correct as the latest Swiss data confirmed.

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