Switzerland in March recorded its biggest monthly gold exports in ten months as shipments to India leaped to their highest since 2013, underlining a revival in Asian bullion demand, Swiss customs data showed on Thursday. Switzerland is the world’s biggest gold refining centre and transit hub. Its numbers provide an insight into market trends.
The data points to India leading a recovery in demand in Asia, the biggest gold consuming region, after a slump caused by the coronavirus pandemic.
The data also suggests weak demand from investors in Europe and the United States. A surge in exports to the United States that began last year began to unwind in March as the country sent far more metal back to Switzerland than it took in.
Photo: A file photo of gold biscuits on a table before melting at manufacturing unit of ‘Tanishq’, the Indian jewellery retailer from Titan Industries at Hosur, in Tamil Nadu, some 70 km from Bangalore. EPA/MANJUNATH KIRAN
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