LONDON, Dec 18 (Reuters) - Gold exports from Switzerland fell 15% month on month in November as shipments to India dropped to their lowest since February, Swiss customs data showed on Thursday.

Demand in India has been affected by a price rally which sent bullion to a record high of $4,381 per troy ounce in October. Spot prices are up 65% so far this year, heading for their biggest annual gain in 46 years, amid demand for safe-haven assets.

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The Swiss data showed that gold exports to India fell to 2 metric tons in November from 26 tons in October, while supplies to China, another major bullion consumer, climbed to 12 tons from 2 tons.

Gold exports from Switzerland, the world's biggest bullion refining and transit hub, to Britain, home to the world's largest over-the-counter gold trading hub, jumped to 45 tons last month, the highest since June, from 9 tons as bullion kept coming back from U.S. stocks.

Swiss total gold exports and supplies to key markets* (in kgs):

* Source: Swiss customs. Data subject to revision.

https://www.reuters.com/world/china/swiss-gold-exports-drop-november-shipments-india-plunge-2025-12-18/