Swiss gold exports to China surge to 5-1/2-year high

8.19.22 - China Investors Are Buying Gold's Dip

Gold last traded at $1,748 an ounce. Silver at $19.11 an ounce.

NEWS SUMMARY: Precious metal prices slipped further Friday as the U.S. dollar extended gains. U.S stocks fell with the S&P 500 on track to break its winning streak as Wall Street's summer rally lost its steam.

Reuters--"Swiss exports of gold to China in July rose to their highest since December 2016, Swiss customs data showed on Thursday, as demand in the world's largest bullion market improved.

Switzerland shipped 80.1 tonnes of gold worth 4.4 billion Swiss francs ($4.6 billion) to mainland China, up from 32.5 tonnes in June and the second-highest monthly total in figures that stretch back to 2012.

Gold prices slipped below $1,700 an ounce in July from more than $2,000 earlier in the year as rising interest rates triggered selling by Western investors.

Retail consumers in markets like China often buy less when prices rise and more when they fall. China had also in July emerged from COVID-19 lockdowns earlier in the year....

Switzerland is the biggest refining and transit hub for gold and its data offer insight into global market trends."