Swiss March gold exports down on lower shipments to India

Image from MKS PAMP.

Swiss gold exports in March fell from February as higher supplies to China and Hong Kong were offset by lower deliveries to India and Turkey, customs data showed on Thursday.

Switzerland is the world’s biggest bullion refining and transit hub while China and India are the largest consumer markets, where local demand depends on the season and is sensitive to high gold prices.

Swiss gold exports to India fell month on month and year on year. The supplies in February were at a four-month high as local jewellers stocked up for the wedding season.

Due to a rally in spot gold prices in March-April, Indian customers are struggling to adjust to the sudden price jump, and local dealers have been offering physical gold price discounts for six consecutive weeks.

In China, where the central bank controls the inflow of gold via import quotas issued to banks, physical gold premiums have been rising so far in April as a weaker yuan supports local demand.

Swiss total gold exports (in kgs)*

March 2024146,691
February 2024157,492
March 2023152,924
* Source: Swiss customs. Data subject to revision.

Exports to key markets (in kgs)

To ChinaTo Hong KongTo IndiaTo Turkey
March 202471,40510,1736,5957,262
February 202454,6259,78036,6157,571
March 202372,31617,50716,76710,748


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