LONDON: Switzerland's exports of gold to China and India rebounded in February as bullion prices fell, Swiss customs data showed on Tuesday.
Switzerland is the world's biggest bullion refining and transit hub and its data provides insight into global market trends.
It exported 58 tons of gold worth 3.2 billion Swiss francs ($3.5 billion) to mainland China in February, up from 26.1 tons in January and the most since December.
It sent 25.6 tons of gold to India, up from 3.2 tons in January and the most since September.
China and India are the world's largest gold consumer markets and their demand often rises when gold prices are falling.
Gold prices rose by about 6 percent in January and hit a peak of $1,959.60 an ounce on Feb. 2 before slipping back through February.
In March, however, prices have surged, rising above $2,000 an ounce on Monday as investors responded to turmoil in the banking sector by buying gold, which is typically seen as a safe asset.
Swiss exports of gold to Turkey dipped in February, having risen to unprecedented levels in January amid rampant inflation in the country.
After a massive earthquake struck early in February, the Turkish government put curbs on gold imports.
Last year, Switzerland sent 524 tons of gold to mainland China and Hong Kong, the most since 2018, and 224 tons of gold to India and 188 tons to Turkey.
