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Switzerland exported a record 192.9 tonnes of gold to the United States in January 2025, the highest in 13 years. The main reason for this is concerns about possible trade tariffs from the Donald Trump administration. This was reported by Reuters.
Record deliveries and changing global demand
According to Swiss customs, gold supplies to the United States more than tripled compared to December 2024 (64.2 tonnes). This was the largest monthly export volume since the publication of such data began in 2012.
Interestingly, this occurred against the backdrop of a decline in exports to traditional consumption leaders China and India. The reason for this redistribution of flows is the growing geopolitical instability and fear of the economic consequences of Trump’s new tariff initiatives.
Gold market reacts to Trump’s policy
Although the US President did not declare gold among the priority objects of taxation, analysts suggest that the administration’s general plans to impose duties on goods from Canada and Mexico could have prompted investors to buy the precious metal on a massive scale.
Since November 2024, 636 tonnes of gold have been traded on the US Comex exchange, with a total value of around $60 billion. This has led to a 116% increase in Comex gold reserves, to the highest level since March 2021.
Gold price updates historic high
Amid the political turbulence, gold hit a record high of $2,954.83 an ounce. This happened after Donald Trump said he might stop supporting Ukraine and called President Zelenskyy a “dictator without elections”.
Goldman Sachs analysts predict that due to instability and active purchases by central banks, the price of gold could reach $3,100 per ounce by the end of the year.
In addition, investors are awaiting the US Federal Reserve’s decision on interest rates, as lower borrowing costs traditionally contribute to higher gold prices.
