off-the-wire

Swiss gold exports drop in November as shipments to India plunge

Kitco Media
By Reuters
Published:
Updated:
Reuters
Swiss gold exports drop in November as shipments to India plunge teaser image

Gold exports from Switzerland fell 15% month on month in November as shipments to India dropped to their lowest since February, Swiss customs data showed on Thursday.

Demand in India has been affected by a price rally which sent bullion to a record high of $4,381 per ounce in October. Spot prices are up 65% so far this year, heading for their biggest annual gain in 46 years, amid demand for safe-haven assets.

The Swiss data showed that gold exports to India fell to 2 metric tons in November from 26 tons in October, while supplies to China, another major bullion consumer, climbed to 12 tons from 2 tons.

Gold exports from Switzerland, the world’s biggest bullion refining and transit hub, to Britain, home to the world’s largest over-the-counter gold trading hub, jumped to 45 tons last month, the highest since June, from 9 tons as bullion kept coming back from US stocks.

(By Polina Devitt; Editing by Kirsten Donovan)

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