off-the-wire

Higher supplies to the UK lift Swiss October gold exports

Kitco Media
By Reuters
Published:
Updated:
Reuters
Higher supplies to the UK lift Swiss October gold exports teaser image

Gold exports from Switzerland rose in October compared to September due to higher supplies to Britain, but were down from a year ago as high gold prices kept deliveries to China and Hong Kong subdued, Swiss customs data showed on Tuesday.

Supplies from Switzerland, the world’s biggest bullion refining and transit hub, to Britain in October reached the highest level since June 2021, according to the data. London is the world’s largest centre for over-the-counter (OTC) trading of gold.

This year’s 27% gold price rally, which took spot prices to a record high of $2,790.15 per troy ounce on Oct. 31, has been affecting physical demand in China, the world’s top consumer of the metal.

However, gold exports from Switzerland to India, the world’s second-largest gold consumer and a major importer, rose in October from September amid festival purchases.

(By Polina Devitt; Editing by Mark Potter)

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