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 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 US stocks.
| 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 |
(By Polina Devitt; Editing by Kirsten Donovan)
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