LONDON: Swiss gold exports fell to their lowest in ten months in April as shipments to India, China and Turkey shrank, Swiss customs data showed.

The decline coincided with a period of very high bullion prices, which tend to suppress consumer demand, particularly in Asia.

Turkey has also imposed some restrictions on gold imports after a devastating earthquake in February.

Switzerland is the world’s biggest bullion refining and transit hub.

China and India are the largest consumer markets for gold and Turkey has been a major importer in recent months as inflation runs rampant.

Gold averaged $2,001 an ounce in April, its highest ever monthly average.

Prices have since fallen back to around $1,960.

Russian gold shipments to the UAE, China and Turkiye

Swiss gold exports to mainland China and India in April were the lowest since January, shipments to Hong Kong were the lowest since November and exports to Turkiye were the lowest since April last year, the customs data showed.