Swiss gold exports fell by 23% in June from May due to lower shipments to China and India, Swiss customs data showed. Switzerland is the world's biggest bullion refining and transit hub, while China and India are the largest consumer markets with local demand sensitive to high prices. Supplies to China and India fell by one third and one quarter respectively in June, the data showed.

"This points to weaker physical demand in the two leading gold consumer countries, which is attributable to record-high local gold prices and the time of year, as gold demand tends to be weaker in the summer months," Commerzbank said in a research on Friday.

Shipments to Turkey jumped by 39%, which Commerzbank attributes to persistently high inflation in the country. SWISS TOTAL GOLD EXPORTS (KG)* EXPORT June 2023 117,724 May 2023 152,505 June 2022 83,964 EXPORTS TO KEY MARKETS (KG) To China To Hong Kong To India To Turkey June 2023 30,991 7,396 23,369 13,134 May 2023 45,969 8,232 31,199 9,439 June 2022 32,510 6,029 7,674 10,140 * Source: Swiss customs. Data subject to revision by source. (Reporting by Polina Devitt; Editing by Jan Harvey)