Gold returns back to Switzerland following exemption from US tariffs

Gold that traders had been rushing to ship to New York since December, fearing potential US duties on imports, is now flowing back to Switzerland. The metal has been excluded from US President Donald Trump's latest tariff list, Reuters reports.

Swiss customs data show that 25.5 tons of gold were shipped from the US to the Western European country in March, marking a 13-month-high. The figure stood at just 12.1 tons in February. Meanwhile, Switzerland’s exports of the precious metal to the US dropped 32% to 103.2 tons.

Comex gold stocks have shed 1.5 million troy ounces since peaking at a record 45.1 million ounces two weeks ago. The exchange's current gold holdings now total 43.6 million ounces.

However, the outflow from the US remains modest so far. As Reuters analysts note, investors continue to view the precious metal as a safe-haven asset amid market volatility.