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(Kitco News) – Swiss gold exports are on the rise and exports to China surged in January to their highest since December 2016. Although there was some bad news in the most recent data as shipments of bullion to India fell (Swiss customs data).
China and India are the largest consumers of gold and Switzerland is the biggest refining and transit center. Strong demand from China has helped to support gold prices. At the moment the price of gold has been rising as investors look for a safe-haven due to the conflict between Russia and Ukraine. Wednesday nights Fed meeting minutes offered nothing new in terms of how hawkish the Fed might be against current market expectations.
Recently, the import data from China has been positive and as India moves out of the COVID-19 pandemic the sales data has been encouraging. Wedding and festive seasons often bring a surge in demand from both nations and China recently had a golden week. In India, there are more festive seasons on the horizon and this could mean that physical demand for gold could rise again. 
In terms of specifics here are the numbers from the Swiss customs data:
SWISS TRADE DATA (KG)
EXPORT (kg)
Jan-22 115,746
Dec-21 97,202
Jan-21 82,033
SHIPMENTS TO KEY MARKETS (KG)
To China To Hong Kong To India
Jan-22 70,000 3,804 11,677
Dec-21 14,500 5,761 28,307
Jan-21 0 28 38,696
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