China's Swiss gold imports soar nearly 150% in July as gold price trades below $1,800 kitconews gold silver finance investing mining metals economics
China stepped up its gold imports from Switzerland in July, purchasing the most bullion in more than five years, according to the Swiss Federal Customs Administration.
Increased demand from China comes as gold continues to trade below the $1,800 an ounce level, disappointing many gold bulls but providing a cheaper entry point for long-term investors. China's retail consumers are known to jump back into the gold market at the right price levels. On top of that, China saw some COVID-related lockdowns lifted, which helped to kickstart demand for the precious metal.
Big increase in Swiss #gold exports, with July's total more than double that of June. It's also the highest monthly total since December 2016 . A 147% jump in exports to China was the main driver, but significant increases seen in most major markets. pic.twitter.com/ajxO0zZNM1 Switzerland imported 284 kg of Russian gold worth about $16 million in June, which was significantly lower than the 3 tonnes worth about $200 million imported in May.