Broad-based decline in Swiss Gold exports in October – Commerzbank

Swiss Gold exports fell sharply in October, particularly to China and India, reflecting signs of slowing demand after Gold prices hit record highs, Commerzbank's commodity analyst Carsten Fritsch notes.

Gold exports to China collapse over 90% in October

"The rise in the Gold price to a record level in October has left visible signs of slowing demand. Swiss Gold exports declined into almost all major regions in October, as data from the customs authorities showed. The decline in shipments to China was particularly pronounced, falling by more than 90% to 2 tons. The decline in exports to India was not nearly as sharp, falling by 14% to 26 tons."

"However, data from the Indian Ministry of Commerce and the Indian Central Bank showed an increase in India's Gold imports last month. Gold exports to the US and the UK also declined in October. Only shipments to Turkey recorded an increase. After ten months, Switzerland's Gold exports to China are a good 50% lower than in the previous year."

"The decline to India amounts to 44%. In contrast, there have been significant increases for the US and the UK, with deliveries to the US concentrated mainly in the first quarter, when tariff concerns led to strong deliveries to Comex. In contrast, the last two months have seen stronger flows from the US to Switzerland."