Swiss gold export data from October 2023, published by the Swiss Federal Customs Authority, highlights shifting trends in global gold demand. According to Commerzbank’s commodity analyst Carsten Fritsch, the demand in Asia has weakened, while Western nations are showing signs of increased interest.
Gold Demand Trends in Asia
Swiss gold exports from Switzerland to China fell drastically in October, totaling just 5 tons. This is a notable decline, as Hong Kong received virtually no gold shipments. India saw an increase in imports, but volumes remained low at 11.7 tons. These figures highlight Asia’s muted appetite for gold during this period.
Gold Demand in the Western Markets
The report showed a different scenario for Western markets. Exports to the United States slightly rose compared to the prior month. However, despite 30 tons flowing into US-listed gold ETFs in October, only 9.4 tons of gold exports to the US were reported.
Surprisingly, Swiss gold exports to the United Kingdom surged to 31.9 tons. This uptick contrasts with the World Gold Council’s (WGC) report of ETF outflows from UK-listed gold funds during the same timeframe.
Broader Market Insights
The overall data reflects a subdued demand for gold in Asian markets. In contrast, Western countries are experiencing an upward trend in gold interest. These developments align with the shifting dynamics in global investment preferences, influenced by economic conditions and market sentiment.
Conclusion
Gold’s demand trends continue to evolve across regions, painting a complex picture. While Asian markets have shown subdued activity, the Western markets’ appetite appears to be growing. For regular updates on gold price movements and trends, check out Daily Gold Signal. Explore detailed analyses and updates in our Daily Gold Update category.
