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.