To prevent the possible widespread tariffs on imported gold bars, traders have been shipping gold to New York since December, but official data shows that the gold is currently being shipped back to Switzerland, where it originated.

Swiss customs data on Thursday showed that Swiss gold imports from the United States rose to 25.5 tons in March from 12.1 tons in February.Set a new high in 13 months. Switzerland's gold exports to the United States fell month-on-month32%, to 103.2 tons.

The Comex U.S. warehouses owned by CME Group have experienced gold outflows for eight consecutive days, the first time in 14 months. Comex's daily data shows that the U.S. futures premium has fallen after experiencing a major imbalance.

During the period from December to March this year, the value exceeded$80 billionGold, silver and platinum were shipped to Comex's warehouses, making logistics companies and Swiss alchemy factories busier than usual.

However, the urgency to airflow gold and silver to New York disappeared two weeks ago after Washington excluded gold and silver from Trump's reciprocal tariffs, and now the flow of gold and silver is slowly turning to Switzerland.

Comex gold inventories have diminished since hitting an all-time high of 45.1 million ounces on April 41.5 million ounces,value$4.8 billion, down to43.6 million ounces (1357 tons). That number was 17.1 million ounces when Trump was re-elected president last November.

A source at a Swiss refinery said that some of the gold currently shipped from the US vault is being shipped back to Switzerland, the world's largest gold and silver refining and transshipment center.

He added that gold currently outflows from the U.S. will be moderate as gold in U.S. vaults continue to act as a hedge for part of the market’s current broader uncertainty.

Independent analyst Ross Norman said that normally the United States consumes about 115 tons of physical gold coins and bars each year, which means that the remaining gold in the CME registered warehouse is enough for this part of the market for nearly 12 years.

He added: “Now is a great time to engage in gold logistics and gold refining.”

Gold paused record-breaking gains on Thursday due to optimism about U.S.-Japan trade talks. Nicholas Frappell, global head of institutional markets at ABC Refinery, said that despite this, the uncertainty of Trump's tariff agenda and the possibility of a global trade war will give gold a good support.

"The scale and breadth of tariffs are uncertain, the strategic plan of the U.S. government is uncertain, and the level of response from U.S. trading partners are uncertain," he said.