Is gold flowing to a major reshuffle? Swiss exports soared by 65%, with more than 60% going to "this country"

There are subtle changes in the flow of global gold. Switzerland's gold exports in August surged from 94.6 tons in July to 156.5 tons, a monthly increase of 65%. Among them, British imports soared from 39.5 tons in July to 102.1 tons. In August, more than 60% of Swiss gold exports went to the United Kingdom. As for India, it dropped to 3.5 tons, a sharp decrease of 58%. One increase and one decrease are particularly eye-catching. Analysis points out that the surge in UK inflows is related to London's status as a global gold trading center, while India is dragged down by high gold prices and sufficient supply of old gold.

Based on Swiss official statistics and foreign media reports, Switzerland is an important gold refining and transshipment center in the world, so its gold import and export data is also an important indicator for observing the flow of international physical gold. Swiss customs data shows that total gold exports in August reached 156.46 tons, an increase of approximately 65% ​​from July.

The UK is the most obvious source of change. Switzerland's gold exports to the UK reached 102.11 tons in August, an increase of more than 1.5 times from 39.51 tons in July, setting a record for the highest single month in seven years. It is worth noting that this does not mean that the British people suddenly buy a large amount of gold, because London is the world's largest over-the-counter gold trading center. The large amount of gold entering the UK may also be related to trading, inventory and transshipment needs.

China imported 26.11 tons of gold from Switzerland in August, an increase of 20% from July. Analysis points out that the price of gold in the Chinese market has maintained a small premium recently compared with the London market, reflecting that local investment demand is still supported. In comparison, the changes in India are quite obvious.

Switzerland exported only 3.45 tons of gold to India in August, a 58% decrease from July and far lower than the 15.23 tons in August 2025. Analysts point out that India's gold demand is affected by high gold prices and an increase in the supply of old gold. Jewelers can obtain raw materials by using consumers to exchange old gold for new ones, thus reducing the demand for newly imported gold.

Switzerland's gold export data for September has not yet been released, and September trade data is scheduled to be released on October 20.