Thursday, October 28, 2021

Mad Rush in India and China To Buy Gold: Commerzbank

Why is there a mad rush in India and China to buy Gold? Swiss gold exports picked up in August, says Commerzbank. Experts quote data from the Swiss Federal Customs Administration confirming that overall gold shipments rose 30% month-on-month to a 14-month high of 150.5 tonnes. 

Significantly most of the gold was shipped to China and India, which reflects flourishing demand in these two leading gold-consumer countries,” Commerzbank says.

Swiss gold exports to India rose to 39.5 tonnes, the most since May 2017. “This is consistent with the higher gold imports reported by the Indian Ministry of Finance,” Commerzbank says.

“The present debate about a possible expansion in gold import duty could drive demand even higher, at least in the short term.” Meanwhile, Swiss gold exports to China climbed to 44.3 tonnes in August, the second-highest level this year.

This contrasts with a slump in deliveries to Hong Kong, however, with the result that China and Hong Kong combined saw imports that were well below the average monthly level of the first half of the year,” Commerzbank adds.

More News at EurAsian Times

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