Swiss Gold Exports Drop 9% In May As Deliveries To India Fall

Swiss gold exports drop 9% in May as deliveries to India fall

LONDON, June 19 (Reuters) – Swiss gold ⁠exports fell 9% in
May from the previous month as lower shipments to India ‌and Hong
Kong offset higher deliveries to ⁠Britain and China, Swiss
customs data ⁠showed.
Supplies to India, a key bullion consumer, slumped to 955 kg
in May, the lowest monthly amount in six ‌years, down from 6.5
metric tons in April as India raised import tariffs for precious
metals to support the rupee.
“Gold jewellery demand remained subdued through May and
early ‌June, a seasonally soft period,” the World Gold Council
said in ‌its India-focused research. “Industry feedback also
suggests that bar and coin demand remained broadly stagnant.”
Deliveries to the UK from Switzerland, the world’s biggest
bullion refining ‌and transit hub, rose to 39.4 metric tons last
month from 35.5 tons in April. ⁠Britain ⁠is home to the ‌world’s
largest over-the-counter gold trading hub.
Swiss total gold exports and supplies to key markets* (in
kg):
May-26 Apr-26 May-25
Total trade 98,886 109,216 89,809
UAE 1,015 1,792 725
China 31,550 30,499 27,106
Germany 1,228 2,169 2,290
France 1,057 1,191 1,514
UK 39,360 35,515 16,004
Hong Kong 10,273 15,642 1,449
India 955 6,504 10,052
Italy 1,147 1,664 1,942
Saudi ‌Arabia 2,552 3,104 4,196
Turkey 2,875 3,564 10,400
USA 275 309 1,804
* Source: Swiss customs data for HS code 710812. Data
subject to revision.