Swiss gold exports climbed 44% month‑on‑month in June, reaching their highest level since March as bullion moved back into UK vaults from the United States. Exports to the UK surged to 83.8 metric tons — the largest monthly flow to Britain since August 2019 — after gold that had been shipped to the US earlier in the year to mitigate potential tariff exposure returned following President Trump’s April decision to exclude bullion from reciprocal tariffs. As a result, holdings in London vaults increased 2.1% to 8,776 tonnes, marking the highest level since August 2023.
