Gold prices closed down 0.83% at $95,143 on growing optimism about US-EU trade talks. Switzerland imported 63 metric tons of gold from the US in April after the US lifted tariffs on the precious metal. However, Switzerland’s overall gold exports fell 31% from the previous month, with shipments to the US falling sharply to 12.7 tonnes from 103.3 tonnes.
In India, demand for gold has been weak due to high global prices and a falling rupee. As a result, dealers are offering discounts of up to $49 per ounce compared to $34 last week. In contrast, gold premiums in China have been stable at $16–$30 per ounce, indicating strong demand.
Despite a 21% decline in gold jewellery purchases due to rising prices, global gold demand rose 1% year-on-year to 1,206 metric tonnes in the first quarter of 2025, mainly driven by a 170% increase in investment demand, the World Gold Council said.
