Switzerland’s gold exports experienced a significant surge in January, reaching their highest level since December 2016, according to customs data released on Tuesday.
Monthly export volumes from the world’s largest bullion refining and transit hub saw a remarkable 49% increase compared to the same period last year, propelled by robust sales to China and Hong Kong.
The “Year of the Dragon” played a significant role in driving jewelry demand, as this period is traditionally regarded as auspicious for gold purchases in China.
Gold prices have maintained proximity to multi-year highs since December, with Reuters’ latest poll of analysts projecting the precious metal to average $2,053.50 per ounce in 2024.