Pace of US gold flows into Switzerland slows slightly in May, data shows

June 19 (Reuters) - Gold imports into Switzerland from the United States continued in May, following the exclusion of precious metals from U.S. import tariffs, but import volumes dipped slightly from April, Swiss customs data showed on Thursday.

Between December and March, Switzerland, the world’s leading bullion refining and transit hub, and Britain, home to the largest over-the-counter gold trading market, recorded significant gold outflows to the U.S. as traders moved to hedge against the potential impact of broad U.S. tariffs on bullion imports.

But the need to move gold to the U.S. was removed when precious metals were excluded from U.S. tariffs.

Swiss customs data revealed that gold imports from the U.S. reached 58.9 tons in May, a sharp rise from 6.8 tons in the same month last year. In April, imports peaked at 63.0 tons, the highest monthly total since at least 2012.

Swiss exports to the UK rose, suggesting that gold was also flowing back to London vaults from the U.S., routed through Swiss refineries.

Switzerland's total gold exports fell by 13.7% month-on-month in May, with gold deliveries to the United Arab Emirates, Hong Kong and U.S. significantly dropping.

Swiss gold exports to key Asian markets India and China rose by 17% and 56% respectively from April to May. However, it was at lower levels when compared with May last year.

Swiss total gold exports and supplies to key markets* (in kgs):

* Source: Swiss customs. Data subject to revision.