Swiss gold exports declined 9% month-over-month in May, as a sharp drop in shipments to India and Hong Kong outweighed stronger demand from the United Kingdom and China, according to Swiss customs data.
Switzerland, the world's largest gold refining and transit hub, exported 98.9 tonnes of gold in May, down from 109.2 tonnes in April, although exports remained above the 89.8 tonnes recorded a year earlier.
India Sees Sharpest Decline
India, one of the world's largest gold consumers, imported just 955 kg of Swiss gold in May, plunging from 6.5 tonnes in April and marking the lowest monthly level in six years.
The decline follows India's decision to increase import tariffs on precious metals to support the rupee, while weak jewelry and investment demand further weighed on imports.
India Gold Imports
- May 2026: 955 kg
- April 2026: 6,504 kg
- May 2025: 10,052 kg
UK Becomes Largest Swiss Gold Destination
Britain remained the biggest destination for Swiss gold exports, with shipments rising to 39.4 tonnes in May from 35.5 tonnes in April.
The UK is home to London's massive over-the-counter bullion market, making it a key global trading hub for precious metals.
UK Gold Imports
- May 2026: 39,360 kg
- April 2026: 35,515 kg
- May 2025: 16,004 kg
China Continues Buying
China increased imports from Switzerland for a second consecutive month.
China Gold Imports
- May 2026: 31,550 kg
- April 2026: 30,499 kg
- May 2025: 27,106 kg
The data highlights continued Chinese demand despite elevated global gold prices.
Key Market Trends
| Country |
May-26 (kg) |
Apr-26 (kg) |
Trend |
| UK |
39,360 |
35,515 |
📈 Rising |
| China |
31,550 |
30,499 |
📈 Rising |
| Hong Kong |
10,273 |
15,642 |
📉 Falling |
| India |
955 |
6,504 |
📉 Sharp Drop |
| UAE |
1,015 |
1,792 |
📉 Falling |
| Turkey |
2,875 |
3,564 |
📉 Falling |
Visual Breakdown: Swiss Gold Exports (May 2026)
UK ████████████████████████████████████ 39,360
China ████████████████████████████ 31,550
Hong Kong ████████ 10,273
Turkey ██ 2,875
Saudi ██ 2,552
Germany █ 1,228
Italy █ 1,147
France █ 1,057
UAE █ 1,015
India ▏ 955
Investor Takeaway
- London remains the dominant global gold trading center.
- China continues accumulating gold despite high prices.
- India's tariff hike and weak consumer demand significantly reduced imports.
- Global gold flows are increasingly shifting toward institutional and trading hubs rather than retail jewelry markets.
