Switzerland’s imports of gold from the United States have risen after months of bullion flowing into the New York exchange, driven by fears of widespread U.S. tariffs.
Swiss customs data released on Thursday showed that the country’s imports of gold from the U.S. rose to a 13-month high of 25.5 metric tons in March, up from 12.1 tons in February.
Meanwhile, Swiss gold exports to the U.S. dropped by 32% month-on-month to 103.2 tons, after large volumes had been shipped to New York since President Donald Trump won the election in November.
U.S. warehouses certified by COMEX, a unit of exchange operator CME, witnessed eight consecutive days of gold outflows — the first time this has occurred in 14 months — amid a decline in the futures premium of the precious metal.
Between December and March, COMEX warehouses received gold, silver, and platinum bars worth more than $80 billion, keeping logistics firms and Swiss refineries busier than usual.
However, with the urgent need to ship gold and silver to New York easing — following the exemption of the two metals from the reciprocal tariffs imposed by President Donald Trump two weeks ago — the market is now beginning to reverse course, with flows gradually shifting back toward Switzerland.
Gold inventories at COMEX have dropped by 1.5 million ounces, worth $4.8 billion, reaching 43.6 million ounces after hitting an all-time high of 45.1 million ounces on April 4, compared to 17.1 million ounces in November
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