LONDON, March 17 (Reuters) – Swiss exports of gold to China in February eased from the previous month’s five-year high, but shipments to India recovered, Swiss customs data showed on Thursday.
China and India are the largest consumers of gold and Switzerland is the biggest refining and transit centre.
In the first two months of this year Switzerland exported 119.9 tonnes of gold, worth about $7 billion, to mainland China and Hong Kong. That compares with only 3.1 tonnes in the same period of 2021.
Switzerland shipped 44.9 tonnes of gold to India in January and February, compared with 94.7 tonnes in the first two months of 2021.
Demand for gold in both China and India fell sharply when the coronavirus emerged. Indian purchases recovered quickly but China did not begin importing gold again in large quantities until April last year.
Gold prices have risen 6% this year to about $1,940 an ounce as Russia’s invasion of Ukraine fuelled demand for the asset seen as a safe investment during times of turmoil.
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