Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

GOLD

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

East-to-west flow of gold slows as Swiss exports to India rebound

11/19/2020 | 06:20am EDT
FILE PHOTO: Liquid gold is poured to form grains at Swiss refinery Metalor in Marin

LONDON (Reuters) - The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland's imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday.

Switzerland's exports of gold to China remained at rock bottom, however, suggesting that demand in Asia is far from a full recovery.

Switzerland is the world's biggest gold refining centre and a transit hub, and its trade data illustrate global market trends.

China and India, the biggest jewellery markets, have for years been its biggest export destinations.

But coronavirus lockdowns collapsed demand and Switzerland began instead to import gold from Asia to send to the United States and Britain, where investors stockpiled bullion to keep their wealth safe through the turmoil of the pandemic.

Swiss gold exports https://fingfx.thomsonreuters.com/gfx/ce/xegpbqlwdvq/SWISS%20GOLD%20EXPORTS%20OCT.JPG

This stockpiling pushed gold prices to record highs around $2,000 an ounce but the dynamic weakened in October.

Investor demand in the west slackened, Swiss imports from Hong Kong, Thailand and the United Arab Emirates fell sharply and exports to Britain tumbled to 19.1 tonnes from 50.9 tonnes in September.

Though Switzerland shipped no gold to mainland China and only 53 kilograms to Hong Kong, exports to India swelled to 24.3 tonnes.

In total, Switzerland exported 90.5 tonnes of gold in October, down from 105.9 tonnes in September and the least since February.

Following are numbers for October 2020 and comparisons.

(Reporting by Peter Hobson; Editing by Kirsten Donovan)

By Peter Hobson


© Reuters 2020
All news about GOLD
01:07aBURGUNDY DIAMOND MINES : Starts Work on Polishing Recently Purchased Rough Diamonds
MT
12:16aNEWS HIGHLIGHTS : Top Energy News of the Day
DJ
10/21SHANGHAI STOCK EXCHANGE B SHARES IND : China Pushes to Increase Coal Production Capacity A..
MT
10/21Low global copper supply imperils climate goals, Freeport CEO says
RE
10/21SAUDI ARABIAN OIL : Guyana could revive talks with India on crude oil supplies -vice presi..
RE
10/21Gold Edges Down as Dollar, Bond Yields, Move Higher
MT
10/21December Gold Contract Ends Down US$3.00; Settles at US$1,781.90 per Ounce
MT
10/21Comex Gold Settles 0.16% Lower at $1781.20 -- Data Talk
DJ
10/21MIDDAY ETF UPDATE : Broad-Market ETFs, US Stocks Mixed as Jobless Claims Drop; Treasury Yi..
MT
10/21'Energy willows' transform old Balkan coal mines
RE
More news
Chart GOLD
Duration : Period :
Gold Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends GOLD
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral