Indian imports of gold from Switzerland have raised eyebrows in government circles. Data released recently by the Swiss Government showed a spike in bullion exports to India in June. Over 40% of the gold leaving Switzerland is reportedly landing in India.
Data showed that India accounted for around 42% of total June exports. Compared to the 33% of bullion exports to India in May, this has set the alarm bells ringing loud and clear.
Though India was recently replaced by China as the world’s largest consumer of the precious metal, it is still a major consumer of bullion. In June, the value of Swiss derived gold and silver coins was worth about $4.3 billion.
via Mineweb
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.