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Informist, Friday, Feb. 20, 2026

MUMBAI – Gold exports from Switzerland, the global hub for gold refining and also the largest exporter, witnesses a shift to the East from West in January, according to a report by Commerzbank AG. Shipments to China rose to 23 tonnes while 23.5 tonnes of gold were shipped to India, the German bank said.

"The increase in gold exports to Asia is surprising given the sharp rise in prices, but it should also be viewed in the context of the very low shipments in the previous month," Carsten Fritsch, commodity analyst at Commerzbank AG said in a report. Exports to China in December were zero, while those to India were 2 tonnes.

"Apparently, stocks had run low, creating a need for imports in both countries. This was likely to apply in particular to China in the run-up to the New Year celebrations. Gold trading data between Hong Kong and China, which will be published at the end of next week, may also provide some insight into this," Fritsch said.

Switzerland's total gold exports fell slightly in January than the previous month. Shipments to the UK more than halved to just under 43 tonnes. Exports to the US fell to almost zero, Fritsch said. "In contrast, gold imports from the US rose to 26.5 tonnes. This could be related to the decline in COMEX gold inventories, which continued in February," he added.

While prices of gold and silver are well below their January highs, the threat of an escalation in the conflict between the US and Iran is likely to fundamentally support prices. "In addition, the latest talks between government representatives from Ukraine and Russia have so far failed to bring about any noticeable progress towards a peace settlement. Against this backdrop, safe havens are likely to remain in demand and the gold price should remain well supported," Thu Lan Nguyen, head of FX and commodity research at Commerzbank said in the report.

At 1843 IST, the most-active April gold contract on the COMEX was up 1% at $5,045.1 per ounce. The most-active March silver contract on the COMEX was up 3.8% at $80.55 per ounce.  End

US$1 = INR 90.98

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Ashutosh Pati

Edited by Akul Nishant Akhoury

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