The Swiss customs authorities have published data on Gold exports in August, Commerzbank's commodity analyst Carsten Fritsch notes.

Gold might remain exempt from tariffs

"These show a mixed picture. Exports to China rose to 35 tons, the highest level in 15 months, while deliveries to India increased to 15 tons, the highest level this year. This indicates a revival in Gold demand in both countries. Buyers there have apparently become accustomed to the significantly higher price level and no longer expect a significant price decline."

"Gold exports to the US, on the other hand, fell to almost zero. This can probably be attributed to the tariffs on Gold imports into the US that were temporarily on the table."

"Although US President Trump confirmed shortly afterwards that Gold would remain exempt from tariffs, the uncertainty was apparently so great that even after that, no Gold shipments were made from Switzerland to the US."