Gold exports from Switzerland to China soared in August

LONDON, Sept 18 (Reuters) - Gold exports from Switzerland to China jumped 254% in August compared with July to their highest level since May 2024 and supplies to India rose, partly offsetting a slump in deliveries to the United States, Swiss customs data showed on Thursday.

Spot gold XAU= prices are up 39% so far this year, heading for their biggest annual gain since 1979, amid demand for safe-haven assets. Bullion hit a record high of $3,707 per troy ounce on Wednesday.

The Swiss data showed that gold exports to China rose in August to 35 metric tons from 9.9 tons in July, while supplies to India, another major bullion consumer along with China, climbed to 15.2 tons from 13.5 tons.

China's wholesale gold demand fell last month as investors directed their attention to equities, but imports to the country are supported by expectations that the wholesale demand would rise towards the end of September, Ray Jia, head of China research at the World Gold Council, said in a note this week.

Meanwhile, India's October festival season is approaching, when buying gold is considered auspicious, against a backdrop of scarce supply of used gold jewellery and coins as many expect bullion prices to continue climbing. This is supporting India's import demand.

Gold exports from Switzerland, the world's biggest bullion refining and transit hub, to the U.S. fell to 295 kg in August from 51.0 tons in July as some refineries paused shipments to the U.S. amid uncertainty about the country's import tariffs.

President Donald Trump said on social media in August that "Gold will not be Tariffed!", but the White House's tariff update confirmed this only in early September.

Swiss total gold exports and supplies to key markets* (in kgs):

* Source: Swiss customs. Data subject to revision.