Gold prices increase sharply, gold bars are being massively transferred to the US

As the world's largest gold refining center, Switzerland exported nearly 51 tons of gold to the US in July, up from 0.3 tons the previous month. The highest record so far this year was 193 tons, recorded in January.

In the first quarter of 2025, the value of gold bullion exports reached a record of more than $36 billion, accounting for two-thirds of Switzerland’s trade surplus with the US. The contribution of refiners is only a small part of the overall trade, because gold plays a major role as a financial asset, constantly circulating across borders from South America and Africa to centers such as London and New York.

Gold exports to the United States surged early in the year as investors took advantage of price differences. Concerns about high import duties prompted European traders to push gold to New York. Swiss refineries played a key role, recasting the London standard 400-ounce gold into 1-kilogram or 100-ounce bars as required by the Comex exchange.

However, this flow decreased in the second quarter, after the Trump administration exempted the tax, causing the price of gold in the US to return to parity with London.

The gold market has been rocked by the possibility of the US imposing tariffs on gold bars imported from Switzerland. The Financial Times previously cited a letter from US Customs and Border Protection to a refinery, saying that 1kg and 100-ounce gold bars would be taxed at 39%, among the highest rates ever imposed by the Trump administration.

This news immediately caused Comex gold futures to set a record of $3,534.10/ounce, while spot gold surpassed $3,400/ounce.

The impact of the gold industry on Switzerland’s trade balance is more important than ever as the Trump administration focuses on balancing the deficit. The White House later denied the report, saying gold imports would not be subject to tariffs. A Trump administration spokesman said a new policy statement would be released soon to clarify.

The Swiss National Bank stressed that the value of gold exports does not accurately reflect bilateral trade relations, because these are not consumer goods but liquid financial assets.

Switzerland is the world's largest importer and exporter of gold. Raw gold from South America, Africa and other regions is brought here for refining, then exported around the world in the form of bars or jewelry. Statistics show that more than two-thirds of global gold production is refined in Switzerland.

The country’s refineries produce an average of nearly four tonnes of gold per day, ensuring a diverse supply of sizes and standards for multiple markets and exchanges. This role strengthens Switzerland’s position in the global precious metals supply chain and puts it at the centre of any shift in US trade policy.

Source: https://vietnamnet.vn/gia-vang-tang-manh-vang-thoi-lai-o-at-chuyen-ve-my-2434795.html