Swiss gold exports increased by 7.3% in August compared to July, as greater supply to India and China offset reduced supplies to Turkey, according to customs figures released on Tuesday.

Switzerland is the world's largest refining and transportation hub, while China and India are the world's largest consumer markets, with local demand sensitive to high prices and the time of year.

According to the data, shipments to India, where jewelers often make purchases for the October-November festival season, nearly tripled to their highest level since May, while shipments to China increased by 1%.

Physical gold premiums in China reached a record high last week, owing to robust demand to support the yuan's depreciation and a lack of new import limitations.

So far in September, gold prices are down 0.3% due to a strong dollar, which makes the precious metal more expensive for holders of other currencies.

SWISS TOTAL GOLD EXPORTS (in kgs)*

EXPORT

August 2023 123,477

July 2023 115,109

August 2022 121,662

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EXPORTS TO KEY MARKETS (in kgs)

To China To Hong Kong To India To Turkey

August 2023 25,378 1,409 26,328 14,895

July 2023 25,045 42 9,336 35,274

August 2022 37,807 1,034 19,559 23,695

* Source: Swiss customs. Data subject to revision by source.

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