Switzerland's imports have increased to their highest level since 2016
According to figures from the Swiss Federal Customs Administration, China imported more than 80 tonnes of gold from Switzerland last month, according to a story published on Thursday by Bloomberg. According to reports, the volume is eight times more than in May and more than double what it was in June.
Following a lull caused by Covid lockdowns in the country's major cities, the spike in gold imports to a five-year high suggests that Chinese demand for the precious metal is coming again.
According to Nikos Kavalis, managing director of Metals Focus consulting, "the market is still not terrific, but it's obviously a lot better than it was in April." Nikos Kavalis told Bloomberg.com.
According to the research, Chinese gold prices are about $7 higher than those found elsewhere, enticing investors in China to increase imports, which call for a licence from the government.
From more than $2,000 an ounce earlier in the year, the price of gold fell below $1,700 an ounce in July as Western investors sold their holdings in response to rising interest rates.