Swiss gold exports drop in November as shipments to India plunge
Gold exports from Switzerland fell 15% month on month in November as shipments to India dropped to their lowest since February, Swiss customs data showed on Thursday.
Demand in India has been affected by a price rally which sent bullion to a record high of $4,381 per troy ounce in October. Spot prices are up 65% so far this year, heading for their biggest annual gain in 46 years, amid demand for safe-haven assets.
The Swiss data showed that gold exports to India fell to 2 metric tons in November from 26 tons in October, while supplies to China, another major bullion consumer, climbed to 12 tons from 2 tons.
Gold exports from Switzerland, the world's biggest bullion refining and transit hub, to Britain, home to the world's largest over-the-counter gold trading hub, jumped to 45 tons last month, the highest since June, from 9 tons as bullion kept coming back from U.S. stocks.
Swiss total gold exports and supplies to key markets* (in kgs):
|
November 2025 |
October 2025 |
November 2024 |
|
|
Total trade |
109,518 |
128,179 |
129,214 |
|
- China |
12,010 |
2,100 |
15,704 |
|
- UAE |
3,189 |
7,497 |
7,710 |
|
- France |
21,964 |
36,329 |
5,488 |
|
- Germany |
2,988 |
2,880 |
2,189 |
|
- Hong Kong |
339 |
904 |
2,267 |
|
- India |
2,127 |
25,895 |
52,687 |
|
- Italy |
1,256 |
1,646 |
4,482 |
|
- Saudi Arabia |
2,071 |
5,924 |
6,039 |
|
- Thailand |
2,042 |
13,854 |
6,550 |
|
- Turkey |
7,737 |
11,060 |
10,751 |
|
- United Kingdom |
45,032 |
8,674 |
1,062 |
|
- USA |
169 |
345 |
5,826 |
* Source: Swiss customs. Data subject to revision.