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Commerzbank: Swiss gold exports tumble in February

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Swiss February gold exports fell by more than half from the prior month to 42.7 metric tons in February, Commerzbank said. “Only two tons were shipped to China, with only 10 kg exported to Hong Kong,” the bank said. “Given the spread of coronavirus in China, this was to be expected.” Gold exports to India totaled 9.6 tons. Meanwhile, 9.3 tons of gold went to the U.K., which almost doubled the January tally. This likely occurred because exchange-traded-fund demand was still “solid” at that time, Commerzbank said. “Since strict protective measures have now also been taken in Switzerland to contain coronavirus, exports in March are likely to have ground to a virtual halt,” the bank concluded.

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