Physical gold demand saw considerable pick up in March says commodity analysts at UBS, quoting trade statistics from Switzerland. According to the Swiss data, 223.3 tonnes of gold was export out of the country, the highest since November. “This was largely driven by strong growth in flows headed for China and India, which looks broadly consistent with anecdotal evidence.” According to UBS, China imported 46.4 tonnes of gold from Switzerland and India imported 72.5 tonnes. They added that Chinese demand was stronger in March as business restocked their supplies after the Lunar New Year celebrations. At the same time Indian demand was strong in preparation for Akshaya Tritiya festival, which was held Tuesday.
