Swiss January gold exports to the US reach highest for 13 years

Gold exports from Switzerland rose year on year in January as supplies to the United States soared to the highest in at least 13 years and offset lower deliveries to top consumers China and India, Swiss customs data showed on Thursday.

Switzerland, the world’s biggest bullion refining and transit hub, alongside Britain which is home to the world’s largest over-the-counter gold trading hub, saw a surge in gold transfers to the US in recent months as President Trump readies wide-reaching import tariffs that some market participants fear could affect gold deliveries.

The concern has widened the price premium between US gold futures and London spot prices , attracting massive deliveries to Comex gold inventories.

According to the Swiss data, gold exports from the country to the US rose to 192.9 tons in January from 64.2 tons in December. This was the highest monthly amount of exports in the customs data going back to 2012.

Trump has not mentioned precious metals are likely to be targeted at all, but since late November, when he pledged to impose tariffs on imported products from Canada and Mexico, 20.4 million troy ounces (636 metric tons) of gold worth $60 billion at current prices were delivered to Comex-approved warehouses .

These deliveries raised Comex gold stocks by 116% to 38.0 million ounces, the highest since March 2021, and tightened liquidity in the London OTC market.

(By Polina Devitt and Ashitha Shivaprasad; Editing by Elaine Hardcastle)