Swiss gold exports down in December amid high prices

LONDON, Jan 30 (Reuters) – Swiss gold exports fell slightly in December vs November amid lower shipments to India and high prices, customs data showed on Tuesday. Switzerland is the world’s biggest bullion refining and transit hub, while India and China are the largest consumer markets where local demand depends on the season and is sensitive to high gold prices. Gold prices hit a record of $2,135.40 per troy ounce in December and have held above the $2,000 psychological level so far this year. Reuters’ latest poll of analysts expects the precious metal to average $2,053.50 per ounce in 2024. Meanwhile, China’s Lunar New Year celebrations are approaching, which could mean a buying spree in February, while Indian jewellers are waiting for a federal budget review on Feb. 1, anticipating a possible cut in the import duty for gold bars, traders told Reuters last week. SWISS TOTAL GOLD EXPORTS (in kgs)* EXPORT December 2023 107,881 November 2023 109,702 December 2022 149,912 EXPORTS TO KEY MARKETS (in kgs) To China To Hong Kong To India To Turkey December 33,125 6,500 8,106 8,108 2023 November 25,013 19,544 16,433 8,820 2023 December 62,658 13,189 4,812 30,982 2022 * Source: Swiss customs. Data subject to revision by source. (Reporting by Polina Devitt; editing by Jane Merriman)

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