China has stopped buying gold from Switzerland
According to Mehr, Switzerland’s gold export in August shows no supply to China for the first time in the last 3 and a half years. Supply from Switzerland to China was completely wiped out in August, after a steady decline in the June-July period, as rising spot gold prices kept away Asian retail buyers.
A senior analyst at consultancy Metals Focus said the figures were a bit of a surprise as exports to Greater China had weakened in July amid weaker demand. The fact that the price of local gold on the Shanghai Gold Exchange in August fell to the London price also weakened the incentives to import gold to China.
Total Swiss gold exports in August fell to their lowest level since June amid the absence of shipments to China and low supply to Hong Kong, Reuters reported. However, deliveries to India, the world’s second-largest consumer and importer of gold, rose 38 percent in August as the country cut its state gold import tax to the lowest in 11 years in July. gave.
