The published data also shows that imports of unprocessed gold amounted to 152.2 tons worth CHF 5.4 billion. Switzerland's exports of unprocessed gold during the period amounted to 99 tons worth CHF 5.5 billion.
Switzerland's largest supplier country in September was Chile. According to the data, Switzerland imported 18.2 tons of gold from there. Switzerland also recorded high imports from the USA, from where 16.8 tons of gold were imported, and from Peru, from where 16.2 tons of gold were imported.
The largest of Switzerland's three main buying countries in September was China: Switzerland exported 26.5 tons of gold there. In addition, Switzerland delivered 17.1 tons of gold to India and 7.2 tons of gold to Saudi Arabia.
Despite signs of an imminent downturn in the U.S. economy next spring, economists at Germany's Commerzbank are sticking to their forecast of a steady rise in gold prices in the medium to long term. This is reported by Investing.com. The forecast will depend, in particular, on the anticipated reduction in interest rates, which should support the price of gold.
Nevertheless, the bank lowered its forecast for the end of 2023 from its original $2,000 to $1,900. However, despite emerging signs of an economic downturn in the U.S. that will begin next spring, the bank is sticking to its forecast that the gold price will reach an unprecedented $2,100 an ounce by the end of 2024.
This downturn is expected to trigger speculation of lower interest rates and consequently boost the price of gold, he said. However, the recovery phase of gold prices is likely to start from a lower point and later than previously anticipated.