East-to-west flow of gold slows as Swiss exports to India rebound

East-to-west flow of gold slows as Swiss exports to India rebound

LONDON (Reuters) – The flow of gold from east to west triggered by the coronavirus pandemic eased in October as Switzerland’s imports of bullion from Asia fell and it exported more to India than in any month since May 2019, Swiss customs data showed on Thursday.

Switzerland’s exports of gold to China remained at rock bottom, however, suggesting that demand in Asia is far from a full recovery.

Switzerland is the world’s biggest gold refining centre and a transit hub, and its trade data illustrate global market trends.

China and India, the biggest jewellery markets, have for years been its biggest export destinations.But coronavirus lockdowns collapsed demand and Switzerland began instead to import gold from Asia to send to the United States and Britain, where investors stockpiled bullion to keep their wealth safe through the turmoil of the pandemic.Swiss gold exports https://fingfx.thomsonreuters.com/gfx/ce/xegpbqlwdvq/SWISS%20GOLD%20EXPORTS%20OCT.JPG This stockpiling pushed gold prices to record highs around […]

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