Swiss gold exports drop 18% m/m in February

Swiss gold exports fell 18% month-on-month in February to the lowest level since August, dropping mainly due to reduced shipments to Britain and India, according to Swiss customs data. Exports to the UK, the world's largest OTC bullion trading hub, declined sharply from 43 tons in January to 20 tons in February. Meanwhile, deliveries to India also slowed to 13 tons from 23 tons as demand remained subdued and local bullion traded at a discount. Switzerland remains the key global refining and transit center for bullion flows, so this export drop signals a potential softening in physical market activity among major hubs and consumers. The discount seen in the Indian market suggests local factors curbing appetite despite the country’s usual strong gold demand profile. Market watchers will closely monitor whether these trends point to a temporary pullback or a broader shift in flow dynamics ahead of typical seasonal buying periods. This reduction in Swiss gold exports poses upside risks for tightness in physical supply chains and could underpin price volatility near-term. Key catalysts include renewed demand from major consumers like India once discounts normalize, and potential restocking by European trading centers. Traders should watch UK and Indian import data closely for confirmation of sustained flow changes and any price reaction around the $2,400/oz level, where physical premiums and discounts often influence bullion movements.