Swiss gold exports to China hit highest in more than a year

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LONDON: Switzerland’s gold exports to China hit their highest in more than a year in January, Swiss customs data showed on Tuesday, while shipments to India slid to their lowest since September.

Switzerland, a major trading, vaulting and refining centre for precious metals, said its net gold imports rose to their highest since August at 97.205 tonnes last month, as exports slipped to a five-month low while imports rose by a quarter.

Shipments to major consumer China rose to 41.5 tonnes, up from 17.8 tonnes a year ago, making it the chief recipient of Swiss gold exports last month.
Exports to India, which vies with China as the leading global consumer of physical gold, eased to 14.335 tonnes from 26.543 tonnes in January 2017. Exports to Hong Kong stood at 24.459 tonnes, against 20.899 tonnes a year before.

The United Arab Emirates was the leading source of Swiss gold imports last month, shipping 21.446 tonnes of gold to Switzlerand.
Uzbekistan also shipped nearly 20 tonnes of gold to Switzerland, the trade data showed, the most since August.

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