Swiss Gold Exports to the U.S. Hit Fresh Peak

SEATTLE (Scrap Monster): The gold exports from Switzerland to the U.S. hit new record in the month of May, continuing the trend from the previous month. On the other hand, the shipments to major Asian destinations- China and India, which have been the traditional buyers of Swiss gold, witnessed notable decline.

The Swiss gold shipments to the U.S. during the month totalled 126.6 tonnes, worth nearly $7 billion. This was the biggest ever monthly shipments in history. It must be noted that the country had imported 111.7 tonnes of gold from Switzerland in April this year. The gold shipments since March this year is almost 15 times more than the total shipments during the entire year 2019.

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The gold purchases were boosted by increased investor interest in Western countries, due its safe haven appeal to weather the economic crisis situation. The consistently higher gold prices on New York’s Comex Exchange encouraged gold shipments to the city.

The Swiss gold exports to India and Hong Kong totalled 503 kilograms and 42 kilograms respectively. It shipped no gold at all to China during May this year. The cumulative imports by China and Hong Kong since March this year amounted to 7.6 tonnes and 195 kilograms respectively. The Asian gold purchases were badly impacted by lack of demand for gold jewellery and gold bars.