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Swiss gold exports to America rose sharply in March

Rajan Dhall

Kitco News

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(Kitco News) - Swiss gold exports to the U.S. rose in March. Swiss shipments of gold to America to their highest since May 2020, Swiss customs data showed. Exports to Britain, which like the United States is a center for gold investment and trading, also rose, but shipments of gold to China and India, the biggest consumer markets, fell sharply.

On the Exchange-traded funds (ETFs) side, storing gold for investors added 185 tonnes worth around $15 billion to their stockpile in March, the most since July 2020, according to the World Gold Council.

Swiss exports to mainland China and Hong Kong fell in March to their lowest in a year and shipments to India were the smallest since May 2021. Exports to Britain were the highest since June 2021.

Today, gold is trading at the $1900/oz marked as the yellow metal has struggled over the last few sessions. The yellow metal has moved off the back of the increased yield from fixed income markets and the strengthening U.S. dollar. On the daily chart, there is some support at the current level but the price is flirting with the consolidation low of $190.5/oz. 

By Rajan Dhall

For Kitco News

Contact rdhall@kitco.com
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