LONDON (Reuters – Gold shipments from Switzerland rose in March to their highest levels since May 2020. It was due to fears of a worldwide economic slowdown and Russia’s invasion, which investors feared.

The exports of Switzerland to Britain, which is, like the United States, a center for trading and investment in gold, rose while the shipments to India and China, the largest consumer markets, dropped sharply.

Switzerland is the largest refining and transit center for gold in the world. This asset is often viewed as an asset that can be used to protect wealth during times of political and economic turmoil.

According to the World Gold Council, March saw an increase of 185 tonnes in gold stockpiles by exchange traded funds (ETFs), which store it for investors. This is the highest amount since July 2020.

This strong investor demand drove up gold prices during February and March. Asia is often repelled by high prices.

Exports from Switzerland to Hong Kong and China fell to the lowest level in one year in March. Shipments to India dropped to the lowest point since May 2021. The highest exports to Britain occurred since June 2021.

On Tuesday, gold was traded at $1900 per ounce.

Here are the numbers and some comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg).

Feb-22 147,036

Jan-22 121,655

Feb-21 134,566

SHIPMENTS TO KEY MARKETS (KG)

China to Hong To India To The

Kong Britain U.S.

Feb-22 11,000 55 4,952 17,980 81,548

Jan-22 35,500 10,575 32,761 5,295 3,541

Feb-21 9,389 31 82,641 469 1,514

* Source: Swiss customs. All data are subject to modification by the source.