China imported 524 tons of gold from Switzerland last year, a 4-year high (Bloomberg photo)

[Financial Channel/Comprehensive Report] Falling gold prices, economic uncertainty and inflation concerns in 2022 will stimulate additional purchases by various countries. According to the latest import data, China not only imported 524 tons of gold from Switzerland last year, a four-year high; Purchases from Russia also increased by nearly 70%.

Foreign media reported that China is the world's largest gold consumer, followed by India, mainly from retail investment and jewelry demand.

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According to Swiss customs data, in 2022, China imported 524 tons of gold from Switzerland, a sharp increase from 354 tons in 2021 and the highest level since 2018.

In addition to buying gold from Switzerland, China has also increased its purchases from Russia. According to local Russian media reports, China will purchase 6.6 tons of gold from Russia in 2022, an increase of 67% over 2021.

The People's Bank of China stepped up its gold purchases at the end of last year. Following the purchase of 32 tons of gold in November, which was the first officially recorded purchase by the People's Bank of China since September 2019, an additional 30 tons of gold were added in December, which is a massive increase. Under the circumstances, China's current total gold reserves have reached 2,010 tons.

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