Gold exports from Switzerland rose sharply in November, driven by a significant increase in shipments to India, along with a modest recovery in deliveries to China and Hong Kong, Swiss customs data showed on Thursday. The surge in exports highlights robust demand for gold, particularly from India, which remains one of the world’s largest consumers.
India’s imports have been under scrutiny due to a record trade deficit in November and a decline in the rupee. Government sources told Reuters that discrepancies in import data, caused by a change in reporting methodology, may have led to an overestimation of gold imports by up to 50 metric tons. This error could represent almost 30% of India’s total gold imports for the month.
Despite the potential miscalculation, Swiss exports to India surged to 52.7 tons in November, up from just 11.7 tons in October. The rise in exports reflects strong demand, with Indian buyers reportedly increasing inventories in response to a 3.3% drop in gold prices during November. Switzerland, known as the world’s leading gold refining and transit hub, plays a critical role in the global gold market.
However, experts predict a slowdown in India’s domestic demand for gold between mid-December and mid-January, a period considered inauspicious for weddings and gold purchases in the Hindu calendar. The World Gold Council’s research indicated that seasonal factors could further affect gold consumption, potentially dampening demand during this time.
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