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(Kitco News) Switzerland's gold shipments rose last month after falling to 10-month lows in April, primarily driven by renewed demand from India, according to Swiss customs data.
Swiss gold exports rose to 152,193 kg in May from April's 113,375 kg.
China and India are the world's top gold consumers. And while China's demand remained low, India's numbers rebounded last month.
India imported 31,199 kg of gold from Switzerland in May, up from 7,024 kg in April, marking the highest level since September 2022.
Meanwhile, mainland China's Swiss gold imports fell to 45,969 kg from the previous month's 52,734 kg.
In April, gold exports to mainland China and India hit the lowest levels since January.
Also, Swiss exports to Hong Kong rose to 8,232 kg in May from 5,088 kg in April. And Turkey imported 9,439 kg, up from 8,855 kg in April.
Switzerland is a global transit hub for gold, which is why the country's export data is often used as a market gauge for which countries are buying gold and when.
Asian demand is known to be sensitive to gold price fluctuations. And after testing near record highs of $2,085 an ounce in early May, gold has retreated more than $100. At the time of writing, August Comex gold futures were trading at $1,925, down 1% on the day.
