Swiss gold exports fall to their lowest level since the tariff shock of August 2025

Switzerland's gold exports fell 18% in February 2026 from January to the lowest level since the U.S. tariff shock in August 2025, with shipments to the UK dropping to 20 tonnes from 43 tonnes and exports to India falling from 23 tonnes to 13 tonnes. The slowdown reflects subdued demand in major bullion markets and ongoing adjustments following last year’s disruptive tariff ruling by U.S. Customs. The August 2025 tariff imposition initially slashed U.S.-bound gold exports from Switzerland by over 99%, though a tariff exemption was formalized in September 2025. Switzerland remains the world's largest bullion refining and transit hub, making these export flows critical market signals. Despite the tariff turmoil, exports to China surged last August, indicating shifting bullion trade flows across regions. This export decline hints at softer physical demand in key consumer markets like India and the UK amid price discounts in local markets. Market participants should monitor if February’s subdued volumes mark a temporary pullback or herald longer-term demand weakness, especially as geopolitical or policy developments could quickly alter trade patterns. Near-term catalysts include upcoming macroeconomic data and renewed regulatory scrutiny of gold trade channels.