Switzerland has exported more gold to China in the month of October more than in any month since June 2018, according to Swiss customs data. The data showed that shipments of gold to India falling slightly from September. China and India are the largest consumers of gold. Demand in both countries slumped during the coronavirus pandemic last year but has recovered strongly. Switzerland is the world’s largest refining center and transit hub. There was another article that showed that gold moved through Hong Kong has also been increasing.
There have been many analyst comments that have noted that the gold price has been supported by the physical demand and this data supports that theory. The recent move higher in gold has also been inflationary pressures in the economy which have supported the life.