Swiss Gold Exports Jump 30% in March, London Leads Shipments
Swiss gold exports rose in March, led by a sharp increase in shipments to London, the dominant spot trading hub. Total exports climbed 30% month-on-month to 136 tons, signaling stronger outbound flows from Switzerland toward the end of the first quarter.
Shipments to the UK were the main driver, with imports from Switzerland reaching 57.6 tons, up from 19.8 tons in February. The increase underscores London’s role as a key center for bullion distribution and liquidity.
In Asia, exports to China increased to 37.7 tons from 31.9 tons, while shipments to Hong Kong rose to 7.3 tons from 5.7 tons. These moves suggest Asian flows remained active, even as distribution patterns shifted across markets.
By contrast, exports to India fell to 3.1 tons from 11.6 tons, while shipments to the US rose to 1.6 tons from 0.5 tons. On the inbound side, Swiss gold imports declined 3.6% month-on-month to 182 tons, pointing to a change in the balance of gold logistics moving through Switzerland in March.
Implications for gold prices amid US–Iran tensions: the jump in shipments to London may indicate efforts to rebuild inventories and improve liquidity at the main spot hub, potentially easing physical tightness and limiting short-term spikes in premia. However, with geopolitical risks still elevated (including uncertainty around the Strait of Hormuz), hedging demand can remain firm, leaving gold’s direction largely driven by geopolitical headlines, moves in the dollar and Treasury yields, and how long energy-supply risks keep inflation concerns in focus.
Source : Newsmaker.id
