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.

Exports from Switzerland to Britain rose as well, just like those to the United States. However, gold shipments to India (and China) fell dramatically.

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 stockpiled 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.

In March, Swiss exports to Hong Kong and mainland China were at their lowest point in the past year. Indian shipments fell to their lowest levels since May 2021. British exports were at their highest level since June 2021.

Gold traded around $1,900/ounce Tuesday.

Below are some numbers and comparisons.

SWISS TRADE DATA (KG)

EXPORT (kg

147,036

Mar-22

121,655

Feb-22

134,566

Mar-21

SHIPMENTS TO KEY MARKETS (KG)

China to Hong To India To The

Kong Britain U.S.

11,000 55 4,952 17,980 81,548

Mar-22

35,500 10,575 32,761 5,295 3,541

Feb-22

9,389 31 82,641 469 1,514

Mar-21

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

(The table has been updated with the correct date in this story)