Swiss gold exports to India plunged in May as coronavirus cases surged

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

  
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. Picture taken June 19, 2017.

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. Picture taken June 19, 2017.

REUTERS/Edgar Su

LONDON - Swiss exports of gold to India plunged in May, Swiss customs data showed, as the world's second-biggest bullion consumer grappled with a surge in coronavirus infections.

Shipments from Switzerland to China, the biggest gold market, remained strong for a second month, the data showed.

Switzerland is the world's largest gold refining centre and transit hub. Its numbers provide an insight into global market trends.

Demand for gold in India and China plunged when the pandemic began last year, closing jewellery outlets and hurting incomes.

The Indian market began to recover quickly, but Chinese imports of gold rebounded only in recent months.

Following are numbers for May and comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg)

May-21 82,229

Apr-21 131,513

May-20 141,858

SHIPMENTS TO KEY MARKETS (KG)

To China To Hong Kong To India

Apr-21 32,750 3,800 2,037

Mar-21 40,245 10,082 56,549

Apr-20 0 42 503

* 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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