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The pandemic upended the global gold trade, shutting the vast
consumer markets of Asia while triggering a rush among western
investors to buy what they consider a safe financial asset.
Prices of U.S. gold futures surged above prices in other parts
of the world, incentivising an unprecedented transfer of gold
bars to New York.
Switzerland, the world's biggest gold refining and transit
centre, shipped 412.9 tonnes of gold worth $22 billion to the
United States between March and July but just 23.7 tonnes to
China, Hong Kong and India combined, Swiss customs data shows.
In August, however, U.S. shipments fell to 28.5 tonnes and were
almost offset by 26.8 tonnes of gold coming into Switzerland
from the United States.
Meanwhile, Switzerland exported 20.2 tonnes to India, the most
since May 2019, and sent 10 tonnes to China, the first shipment
since February.
But in a sign that Asian demand remains weak, Switzerland
shipped no gold to Hong Kong in August and instead received 25.4
tonnes from the city.
Swiss exports to Turkey, where a devaluing lira has spurred a
surge of gold investment, were at 16.2 tonnes in August, the
highest since July 2017, according to the customs data.
In total, Switzerland exported 116.5 tonnes of gold in August,
up from 102.6 tonnes in July.
(Reporting by Peter Hobson. Editing by Jane Merriman)
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