Swiss Gold Exports Hit Six-Year High on Strong Demand from China and India

Credit: Kitco

In January, Switzerland reported a significant global shift in the gold market, with robust gold exports of 207 tonnes to China, India, and Hong Kong.

This marked an eight-year high in gold exports from Switzerland, driven by a 73% increase in shipments to India, more than doubling to China, and nearly a sevenfold rise to Hong Kong. Analysts attribute the surge in Chinese imports to high jewelry demand ahead of the "Year of the Dragon" Lunar New Year celebrations and increasing interest from Chinese consumers and investors using gold as a wealth protection strategy amid economic uncertainties.

The data underscores China's strong appetite for gold, aligning with record withdrawals reported by the Shanghai Gold Exchange earlier in the month.