Swiss Gold Exports to US Surges to 51 Tons

Switzerland’s gold shipments to the United States soared last month, highlighting the outsized role of bullion in the trade imbalance that prompted President Donald Trump to impose sweeping tariffs on Swiss imports.

According to customs data, Swiss refineries exported nearly 51 tons of gold to the U.S. in July, up from less than 0.3 tons a month earlier. That marks the largest flow since March, though still far below January’s peak of 193 tons.

The surge comes despite Trump’s decision to levy a 39% tariff on most imports from Switzerland, an unprecedented move that stunned policymakers in Bern. Gold, however, was granted an exemption, underscoring its unique position in global trade.

Currently, the US dollar spot price for 1 ounce of gold is $3,331.31 and in Canadian dollars C$4,634.92.

Gold exports have become increasingly critical to Switzerland’s economy, accounting for more than two-thirds of its trade surplus with the U.S. in the first quarter alone. Those shipments, valued at over $36 billion, reflect Switzerland’s role as the world’s biggest refining hub, even though the country captures only a fraction of the value created along the global bullion supply chain.

Much of the gold originates in South America and Africa before being processed in Switzerland and ultimately sent to financial centers such as London and New York. Earlier this year, traders rushed to exploit arbitrage opportunities created by a price gap between the U.S. and Europe, fueling record shipments.

Swiss refineries played a key role in that surge, recasting 400-ounce London “Good Delivery” bars into smaller one-kilo and 100-ounce bars required for settlement on the New York-based COMEX exchange.

The flows eased in the second quarter after Trump’s administration explicitly excluded gold from its tariff regime, causing U.S. prices to realign with London benchmarks. Still, an unexpected decision earlier this month to temporarily include bullion sowed confusion in global markets before Trump intervened personally to reaffirm its exemption.

The Swiss National Bank, in a recent research paper, cautioned that excessive gold exports should not be viewed as a reliable measure of the country’s trade ties with the United States, given the metal’s unique role as a financial asset rather than a conventional commodity.