Significantly higher Swiss gold exports to China and Hong Kong in September

The gold price is finding it impossible to entirely ignore the weakness among cyclical commodities and is trading some of the time this morning at below $1,170 per troy ounce. 

Switzerland exported 141.5 tons of gold in September, which is just shy of 19% less than in the previous month, as data from the customs authorities show. There were also some more striking changes: exports to India for instance plunged by two thirds to just 23 tons, whereas exports to China climbed by 28% to a six-month high of 21.7 tons. 

"Gold exports to Hong Kong even totalled 59.8 tons in September, which is 65% more than in August and the highest monthly volume in at least 1½ years. This points to high Chinese gold imports from Hong Kong", notes Commerzbank. 

The corresponding data will be published by the Census and Statistics Department of the Hong Kong government in the next few days.