Swiss Gold Exports to Key Asian Markets Surged in Feb

SEATTLE (Scrap Monster): The exports of gold to China and India from Switzerland- the world’s biggest bullion refining and transit hub, rebounded in the month of February this year. This follows the recent dip in bullion prices, according to latest data released by Swiss Customs Department.

During February 2023, Switzerland exported 58 tonnes of gold worth $3.5 billion to China. This is the highest level of monthly exports since December 2022. It must be noted that the Swiss gold exports to China had totalled 26.1 tons in January this year. Also, Switzerland exported 25.6 tons of gold to India, significantly higher when compared with 3.2 tons recorded in January 2023.

Meantime, the Swiss gold exports to Turkey witnessed decline in the month of February 2023. The Turkish government had imposed strict curbs on imports of gold into the country following the massive earthquake that struck the country during the beginning of the month. It must be noted that the gold imports had surged higher considerably in January this year, driven by inflation concerns.

The Swiss gold exports to China mainland and Hong Kong had totalled 524 tons in 2022. Also, the exports to India and Turkey had totalled 224 tons and 188 tons respectively.

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