Gold flowing back from the United States to Switzerland – Commerzbank

FXStreetJun 3, 2025 11:04 AM

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Another aspect of the Swiss Gold export data is worth mentioning: Gold shipments to the US slumped to 12.7 tons in April, while at the same time 63 tons of Gold were shipped from the US to Switzerland, Commerzbank's FX analyst Michael Pfister notes.

Gold shipments to the US slump in April

"In the previous three months, a total of 449 tons of Gold had been shipped from Switzerland to the US. The reversal in direction is due to the development of COMEX Gold inventories. These had risen massively in the first three months of the year due to concerns about possible US import tariffs."

"Since the beginning of April, there has been a continuous decline in COMEX stocks as Gold has been exempted from the tariffs."

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