Swiss gold exports rose in August due to increased shipments to India

According to customs data released on Tuesday, Swiss gold exports increased 7.3% from July to August due to higher shipments to China and India offsetting reduced supplies to Turkey.

While China and India are the world's two largest consumer markets with local demand sensitive to high prices and the time of the season, Switzerland is the greatest bullion refining and transit center.

The data indicated that shipments to China increased by 1%, while shipments to India increased almost threefold to their highest level since May when jewelers often make purchases for the festival season in October and November.

Last week, strong demand to support the weakening yuan and the lack of new import quotas caused China's physical gold premiums to reach a record high.

A strong dollar has caused the price of gold to fall by 0.3% so far in September because it makes the precious metal more costly for holders of other currencies.