Global Economy

Swiss gold exports to India plunged in May as coronavirus cases surged

Swiss exports of gold to India plunged in May, Swiss customs data showed, as the world’s second-biggest bullion consumer grappled with a surge in coronavirus infections. Shipments from Switzerland to China, the biggest gold market, remained strong for a second month, the data showed.

Switzerland is the world’s largest gold refining centre and transit hub. Its numbers provide an insight into global market trends. Demand for gold in India and China plunged when the pandemic began last year, closing jewellery outlets and hurting incomes. The Indian market began to recover quickly, but Chinese imports of gold rebounded only in recent months. Following are numbers for May and comparisons.


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