Switzerland exported larger quantities of Gold to the US again in July, according to foreign trade data from the Federal Customs Administration, Commerzbank's commodity analyst Carsten Fritsch notes.

Subdued shipments to Asia

"According to the data, Gold shipments to the US amounted to 51 tons last month. The last time they were higher was in March, when concerns about US tariffs on Gold imports led to massive deliveries to COMEX warehouses. Swiss Gold exports to the US in July matched the increase in COMEX Gold inventories. This could be related to the general tariff uncertainty in July, which was marked by numerous tariff announcements, including a 39% tariff on Switzerland, but not to concerns about the introduction of tariffs on Gold imports."

This door was briefly opened by the US customs authorities in August, only to be closed again shortly afterwards by US President Trump. Gold exports from Switzerland to the United Kingdom were also significant, although at 30.5 tons they were far lower than in June. Shipments to India rose to 13 tons, the highest level this year. However, this is not particularly high."

"The same level was reached by combined Gold exports to China and Hong Kong, which points to continued subdued Chinese demand for Gold. Only 2.2 tons of Gold were exported to Turkey. This is the lowest monthly figure in more than two years. This could be related to the continuous decline in Turkey's inflation rate to its lowest level in almost four years, even though it remains very high at 33.5%."