Gold is now trading at $2929.80, down $9.38. Silver is trading at $32.83, down 13 cents. Swiss gold exports saw a significant increase in January, with shipments to the United States reaching their highest level in at least 13 years. This surge in exports to the U.S. offset lower deliveries to major consumers China and India, resulting in an overall rise in Swiss gold exports compared to the previous year. The increase in U.S.-bound gold shipments is attributed to concerns over potential import tariffs proposed by President Trump, which has widened the price premium between U.S. gold futures and London spot prices.
The substantial increase in gold deliveries to the U.S. has had a notable impact on the market. Since late November, when Trump pledged to impose tariffs on Canadian and Mexican imports, 20.4 million troy ounces of gold worth $60 billion at current prices were delivered to Comex-approved warehouses. This influx has raised Comex gold stocks by 116% to 38.0 million ounces, the highest level since March 2021, and has tightened liquidity in the London over-the-counter market.
