ZURICH: Swiss customs data show subdued Chinese gold buying during January in the run-up to the country’s New Year celebrations at the end of the month, said Commerzbank and MKS (Switzerland).
“Chinese gold traders appear to have held back on gold purchases in the immediate run-up to the New Year’s festival in January,” said Commerzbank, citing data showing that 17.8 tons of gold was exported from Switzerland to China.
MKS said the January total is down from some 157 tonnes in December and also a 58% reduction from the same time last year. Commerzbank and MKS add that exports to Hong Kong were likewise down.
“On the physical front, demand from key physical markets around the globe has been lackluster to kick off the year,” MKS said. In fact, MKS and Commerzbank both note that Switzerland was a net importer of gold last month.
