International gold prices have surged over 30% year-over-year, reaching historic highs this week, briefly touching US$3,500 per ounce. This increase is attributed to a combination of political tensions, central banks boosting their reserves, and the uncertainty surrounding U.S. President Donald Trump’s tariff policies. These factors have prompted investors to pivot away from riskier assets and seek the security of gold.
Swiss customs data highlights a notable shift in the global gold trade, with gold imports from the U.S. to Switzerland rising to 25.5 tons in March 2025, the highest in 13 months. This marks a sharp increase from February’s 12.1 tons, while Swiss exports to the U.S. fell by 32%, reaching 103.2 tons. Traders had previously moved gold to New York in anticipation of tariffs but are now returning some of it to Switzerland.
Despite gold briefly touching $3,500, prices retreated to $3,259 before rebounding to $3,367 on Thursday. This volatility has sparked a shift in Taiwan’s investment patterns, with the state-owned Bank of Taiwan reporting a 30% increase in customers converting their gold passbook savings into physical gold bars. Bank of Taiwan’s precious metals department manager, Yang Tian-li, noted that physical gold trading volumes have risen by about 30% compared to last year.
Analysts also report strong buying activity during short-term price pullbacks, reflecting continued bullish sentiment. Taiwanese investors appear hesitant to take profits, with gold’s upward trend being largely driven by the ongoing US-China trade tensions. As risk assets remain under pressure, the bullish momentum in the gold market continues to dominate.
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