Swiss gold exports to the US jumped in March

Swiss gold shipments to the United States reached their highest level since May 2020 in March, amid fears among investors that the Russian invasion of Ukraine and the threat of a global economic downturn.

According to Reuters, citing data from the Swiss customs, Switzerland’s exports to Britain, which like the US is a center of gold investment and trade, also increased, while on the contrary, shipments of gold to China and India, the largest markets, fell sharply. in consumption levels.

Switzerland is the world’s largest gold refinery and transit hub, an asset generally considered safe for storing wealth in times of economic and political turmoil.

At the same time, in March, traded mutual funds (ETFs) holding gold for investment use added to the stock 185 tons, worth about $ 15 billion, the largest increase recorded since July 2020, according to the World Gold Council. .

Strong demand from investors pushed gold prices to a rally in February and March, but higher prices often discourage retail consumers in Asia.

In this context, Swiss exports to mainland China and Hong Kong fell to a one-year low in March, while shipments to India were the smallest recorded since May 2021.

By contrast, exports to Britain were the highest since June 2021.

According to the data of the Swiss customs presented by Reuters, in March 2022 Switzerland sent 81.54 tons of gold to the USA, compared to 3.5 tons in February the previous year and only 1.51 tons a year before March 2021 .

Respectively, shipments to Great Britain amounted to 17.98 tonnes in March 2022, compared to 5.29 tonnes in February 2022 and 469 kg in March 2021.

In China, shipments totaled 11 tonnes in March, up from 35.5 tonnes in February and 9.38 tonnes a year earlier.

Similarly in India, imports from Switzerland fell in March to 4.95 tonnes from 32.76 tonnes in February and 82.64 tonnes a year earlier.

Finally, in Hong Kong shipments were reduced in March 2022 to just 55 kg, from 10.5 tonnes in February 2022 and 31 kg a year earlier.

It is noted that the price of gold remains unchanged in today’s trading, at $ 1,903 an ounce.