Latest data points to a new rise in gold imports

Latest data points to a new rise in gold imports, which had been showing a downward trend for some time due to the impact of macroprudential measures.

According to data on the Swiss Federal Customs Administration's website, Turkey's gold imports from Switzerland rose to 7.7 tons in October. Thus, the downward trend in Turkey's gold imports from this country, which had been observed for some time, ended in October.

According to the data, an increase was also recorded in Switzerland's total gold exports during the same period. The country's total gold exports rose to 151.3 tons in October, largely due to rising demand from India. In September, the country's total gold exports were recorded at 99.1 tons.

In October, Switzerland exported 49.4 tons of its 151.3 tons of gold exports to India.

Gold exports to China fell by 15 percent to 22.8 tons. Hong Kong, meanwhile, received 7.3 tons of gold during the same period.

Another market where gold demand was strong during this period was the US. The US's gold demand doubled, rising to 1.2 tons.

The Swiss economy ran a deficit in gold trade during the October period. While the country's gold exports were 151.3 tons, its gold imports rose to 231.1 tons.

News Source: 12punto