Switzerland's gold exports to Turkey fall from record level

Switzerland’s gold exports to Turkey fell in February, while gold exports to China and India increased as gold prices fell. Switzerland’s gold exports to Turkey fell. According to Swiss Customs data, 44 tons of gold were shipped to Turkey in February. Due to high inflation in Turkey and the depreciation of the Turkish lira, Switzerland’s gold exports to Turkey exceeded 58 tons in January, reaching a historic level. The gold export volume based on customs data from Switzerland, the world’s largest gold refining and transfer center, sheds light on the course of global markets. Following the earthquakes centered in Kahramanmaraş on February 6, which caused the death of more than 50,000 people, Turkey carried out infrastructure work to impose restrictions on gold imports. Switzerland, which exported 58 tons of gold worth 3.2 billion Swiss francs ($3.5 billion) to China in February, exported 26.1 tons of gold to China in January. Switzerland made its biggest export to China in February since December. Switzerland exported 3.2 tons of gold to India in January, and 25.6 tons in February. This was the largest amount of gold exported by Switzerland to India since September. In March, the turmoil in global banking stocks led investors to gold, which they see as a safe haven, and gold prices rose above $2,000 per ounce.