Huge shipments to India drive Swiss gold exports to 10-month high

Switzerland is the world's biggest gold refining centre and transit hub

  
The Sicpa Oasis validator system (bullion protect) is pictured on one kilogram bar of gold at Swiss refiner Metalor in Marin near Neuchatel, Switzerland July 5, 2019. Image used for illustrative purpose.

The Sicpa Oasis validator system (bullion protect) is pictured on one kilogram bar of gold at Swiss refiner Metalor in Marin near Neuchatel, Switzerland July 5, 2019. Image used for illustrative purpose.

REUTERS/Denis Balibouse

LONDON - 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. 

Following are numbers for March and comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg) Mar-21 134,726 Feb-21 102,900 Mar-20 96,197

To China To Hong To India To the To

Kong U.S. Britain Feb-21 9,389 31 82,641 1,674 469 Jan-21 2,000 1,045 56,522 12,031 77 Feb-20 0 152 6,637 43,212 6,830

* Source: Swiss customs. Data subject to revision by source.

(Reporting by Peter Hobson; Editing by Bernadette Baum) ((Peter.Hobson@thomsonreuters.com; +44 207 542 0083;))

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