COVID keeps Swiss gold exports to India subdued in June

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Swiss exports of gold to India edged higher in June, although they remained far below levels earlier this year, and shipments to mainland China fell, Swiss customs data showed on Tuesday.

China and India are the world’s largest consumers of gold, while Switzerland is the world’s largest gold refining centre and transit hub.

Swiss shipments to China and India plunged after the coronavirus emerged last year, and exports to India, which were averaging nearly 60 tonnes a month in the early part of the year, have fallen again in recent months as the Delta variant of the virus spread.

With demand in Asia weak, more gold has flowed from Switzerland to Britain and the United States, both large trading and storage centres.