BERN: According to figures published this morning by the Swiss Federal Customs Administration showed that the Swiss exports of gold to China dropped by around 67 percent in April to just 15.1 tons,.
The country’s overall exports of 143.9 tons of gold in April were down 36 percent on the March total, which UBS said in a note is in line with the recent slump in physical demand across the Asian markets in particular.
“The more subdued export number might suggest demand in key physical markets is tapering off for now. Indeed, this coincides with other indications of more muted activity in China and India: volumes on the Shanghai Gold Exchange in May are about 19 percent below the average over the previous two months, and premium in India has fallen off of late,” it said.
Exports to India from Switzerland of 51.8 tonnes were down 28 percent month-on-month. The discount on gold in Mumbai recently widened to its lowest this year, sources told FastMarkets last week, which is reflective of the downturn in demand after Akshaya Tritiya in April.
While direct exports to mainland China may have dropped, exports into Hong Kong were up 36 percent to 43.4 tonnes.
