International gold prices have reached historic highs, briefly touching US$3,500 per ounce this week, marking a more than 30% increase year-over-year. This surge has been driven by international political tensions, central banks increasing their reserves, and uncertainty surrounding U.S. President Donald Trump’s tariff policies, prompting investors to abandon riskier assets in favor of gold. 

According to Swiss customs data, gold imports from the United States to Switzerland reached 25.5 tons in March 2025, a 13-month high and a significant increase from February's 12.1 tons. Meanwhile, Swiss gold exports to the U.S. decreased by 32%, totaling 103.2 tonnes. Reports indicate that traders previously moved gold to New York in anticipation of potential tariffs, but recently some gold was transported back to Switzerland.

After hitting $3,500, gold prices quickly retreated to $3,259 before rebounding to $3,367 on Thursday. In Taiwan, this volatility has changed investment patterns, with the state-owned Bank of Taiwan reporting a 30% increase in customers converting their gold passbook savings into physical gold bars. Manager of Bank of Taiwan's precious metals department Yang Tian-li (楊天立) stated that physical gold trading volume has clearly increased, up about 30% compared to last year.

Bank of Taiwan also reports that international gold analysts have observed continued buying during short-term price pullbacks, indicating strong bullish momentum. Investors appear reluctant to take profits, with gold's upward trend primarily driven by US-China trade tensions. As risk assets remain under pressure, bulls continue to dominate the gold market.