Virtually no Gold exports from Switzerland to the US in August – Commerzbank
|The Swiss customs authorities have published data on Gold exports in August, Commerzbank's commodity analyst Carsten Fritsch notes.
Gold might remain exempt from tariffs
"These show a mixed picture. Exports to China rose to 35 tons, the highest level in 15 months, while deliveries to India increased to 15 tons, the highest level this year. This indicates a revival in Gold demand in both countries. Buyers there have apparently become accustomed to the significantly higher price level and no longer expect a significant price decline."
"Gold exports to the US, on the other hand, fell to almost zero. This can probably be attributed to the tariffs on Gold imports into the US that were temporarily on the table."
"Although US President Trump confirmed shortly afterwards that Gold would remain exempt from tariffs, the uncertainty was apparently so great that even after that, no Gold shipments were made from Switzerland to the US."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.