Swiss Gold Exports Posted Decline in March, Says Customs Data

SEATTLE (Scrap Monster): According to latest released customs data, Swiss gold exports recorded decline in the month of March, in comparison with the prior year. The rise in gold supplies from Switzerland to China and Hong Kong were offset by subdued deliveries to India and Turkiye.

The cumulative exports totalled 146,691 kilograms in March this year, down from 152,924 kilograms in March 2023 and 157,492 kilograms in February 2024.

The exports to India recorded month-on-month as well as year-on-year decline. The exports to the country totalled 6,595 kilograms in March 2024, significantly lower from 16,767 kilograms a year before and 36,615 kilograms in February this year. It must be noted that supplies had touched the highest level in four months, driven by stocking up by local jewellers ahead of the upcoming wedding season.

China imported 71,045 kilograms of Swiss gold in March this year. This compares with imports of 54,625 kilograms during the prior month and 72,316 kilograms during the prior-year month. The report suggests rising gold premiums in China during April this year, driven by strong local demand.

Meantime, Swiss gold exports to Hong Kong and Turkiye totalled 10,173 kilograms and 7,262 kilograms respectively.