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Australia sent an unprecedented A$4.6 billion ($2.9 billion) worth of gold to the United States in January, marking the highest export volume since records began in 1995.
Though Australia typically ships gold to closer Asian markets, traders redirected supplies to capitalize on extreme price differences between key markets.
This disruption occurred as fears of potential Trump tariffs caused Comex futures prices to surge over London spot prices, creating persistent premiums that incentivized US imports.
While this price dislocation has recently decreased as physical market tightness eases, New York exchange warehouses now hold record gold volumes.
The market remains uncertain about whether gold will be included in Trump’s tariff measures, which could potentially widen the price differential again.
