Chinese gold purchases are rising sharply


Published 19 November 2021 at 19.01

Economics. Switzerland has exported more gold to China in October 2021 than in any month since 2018, according to the Alpine customs authority.

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Exports to India are slightly lower than in September.

China and India are the largest gold consumers in the world. Imports from both countries fell during the corona pandemic last year, when many were forced to sell gold in the local market to afford their businesses, agriculture and more, but imports have recovered sharply since then.

Switzerland is the world's largest refining center and transit hub for gold.

The price of gold has risen by five percent since the start of the corona pandemic, but has been volatile. Experts say that demand for gold, or “physical gold” as it is called in the financial context, has driven up prices in the past month, writes Kitco News.