Central Banks Reduce Swiss Gold Holdings, Favor Dollar Alternatives in 2026 - News and Statistics

Jun 17, 2026

Central banks are increasingly shifting their gold storage and purchasing strategies away from Switzerland, according to a recent survey. The source, a report from the World Gold Council published on Tuesday, indicates that while global central banks continue to acquire gold, they are reducing the amount held in the Swiss National Bank, which fell to 6% of total reserves from 12% in the previous year. The survey, which included 76 responses and was conducted between February 5 and May 19, noted that nearly 90% of central banks expect their gold reserves to grow over the next twelve months.

In April, central banks added a net 17 tonnes of gold, led primarily by Poland and China, after being net sellers in March. The report does not provide a reason for the move away from Switzerland, but the timing and the context of the Iran war are suggestive. A significant finding is that 74% of respondents expect to hold a lower share of US dollar reserves in five years, a view now shared equally by advanced economy and emerging market central banks, whereas previously it was mostly an emerging market perspective. Half of the respondents plan to fund new gold purchases through domestic programs in local currency, bypassing the dollar system entirely, which the report describes as structurally significant for gold miners as it creates a demand channel independent of dollar liquidity.

On the topic of trade policy, 54% of respondents flagged trade conflicts and tariffs as relevant to their reserve management decisions, a category that likely did not exist in prior surveys. Emerging market banks were almost twice as concerned about this as advanced economies, reflecting their greater reliance on commodity exports. About half of the respondents cited gold’s value as a hedge against inflation and geopolitical risk, as well as a portfolio diversifier, as their main motivations for holding the metal.

The continued buying earlier this year helped support gold prices, which fell in mid-May amid turmoil in the Middle East but began to recover on Friday and Monday following reports of a US-Iran deal. Bullion traded at $4,318 per ounce on Tuesday. The World Gold Council reported that central banks have accumulated about 1,000 tonnes of gold over the past four years, up from the 500-tonne average over the previous decade, amid an increasingly uncertain geopolitical and economic environment. The survey had the highest participation rate since the council started it in 2017, with most responses coming in after the US-Iran conflict began.

This report provides a comprehensive view of the silver industry in Switzerland, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.

Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the silver landscape in Switzerland.

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Key findings

Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope

The report combines market sizing with trade intelligence and price analytics for Switzerland. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.

Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageProdcom 24411030 – Silver, unwrought or in powder form (including plated with gold or platinum)Prodcom 24411050 – Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)Country coverageCountry profile and benchmarks

This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for Switzerland. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.

Methodology

The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.

International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation

All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.

Forecasts to 2035

The forecast horizon extends to 2035 and is based on a structured model that links silver demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in Switzerland.

Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies

Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.

Price analysis and trade dynamics

Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.

Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants

Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.

Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report

Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions

This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of silver dynamics in Switzerland.

FAQ
What is included in the silver market in Switzerland?

The market size aggregates consumption and trade data, presented in both value and volume terms.

How are the forecasts to 2035 built?

The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.

Does the report cover prices and margins?

Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.

Which benchmarks are included?

The report benchmarks market size, trade balance, prices, and per-capita indicators for Switzerland.

Can this report support market entry decisions?

Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.

1. INTRODUCTION

Report Scope and Analytical Framing

Report DescriptionResearch Methodology and the Analytical FrameworkData-Driven Decisions for Your BusinessGlossary and Product-Specific Terms2. EXECUTIVE SUMMARY

Concise View of Market Direction

Key FindingsMarket TrendsStrategic ImplicationsKey Risks and Watchpoints3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH

Market Size, Growth and Scenario Framing

Market Size: Historical Data (2012-2025) and Forecast (2026-2035)Growth Outlook and Market Development Path to 2035Growth Driver DecompositionScenario Framework and Sensitivities4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES

Commercial and Technical Scope

What Is Included and How the Market Is DefinedMarket Inclusion CriteriaProduct / Category DefinitionExclusions and BoundariesDistinction From Adjacent Products and Substitute Categories5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX

How the Market Splits Into Decision-Relevant Buckets

By Product Type / ConfigurationBy Application / End UseBy Customer / Buyer TypeBy Channel / Business Model / Technology PlatformSegment Attractiveness MatrixProduct Matrix and Segment Growth Logic6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE

Where Demand Comes From and How It Behaves

Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)Demand by End-Use and Buyer GroupDemand by Customer / Consumer SegmentPurchase Criteria, Switching Logic and Adoption BarriersReplacement, Replenishment and Installed-Base DynamicsFuture Demand Outlook7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN

Supply Footprint and Value Capture

Production in the CountryDomestic Manufacturing FootprintCapacity, Bottlenecks and Supply RisksValue Chain Logic and Margin PoolsDistribution and Route-to-Market Structure8. IMPORTS, EXPORTS AND SOURCING STRUCTURE

Trade Flows and External Dependence

ExportsImportsTrade BalanceImport DependenceSourcing Risks and Resilience9. PRICING, PROMOTION AND COMMERCIAL MODEL

Price Formation and Revenue Logic

Domestic Price Levels and CorridorsPricing by Segment / Specification / ChannelCost Drivers and Margin LogicPromotion, Discounting and Procurement PatternsRevenue Quality and Commercial Levers10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER

Who Wins and Why

Market Structure and ConcentrationCompetitive ArchetypesSegment-by-Segment Competitive IntensityPortfolio Breadth and Product PositioningCapability MatrixStrategic Moves, Partnerships and Expansion Signals11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC

How the Domestic Market Works

Core Demand CentersLocal Production and Distribution RolesChannel StructureBuyer and Procurement ArchitectureRegional Imbalances Within the Country12. GROWTH PLAYBOOK AND MARKET ENTRY

Commercial Entry and Scaling Priorities

Where to PlayHow to WinDistributor / Partner / Direct Entry OptionsCapability ThresholdsEntry Risks and Mitigation13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES

Where the Best Expansion Logic Sits

Most Attractive Product NichesMost Attractive Customer SegmentsWhite Spaces and Unsaturated OpportunitiesHigh-Margin and Underpenetrated PocketsMost Promising Product Adjacencies14. PROFILES OF MAJOR COMPANIES

Leading Players and Strategic Archetypes

Leading Manufacturers and SuppliersProduction Footprint and CapacitiesProduct Portfolio and Segment FocusPricing Positioning and Indicative Price LogicChannel / Distribution StrengthStrategic Archetypes15. METHODOLOGY, SOURCES AND DISCLAIMER

How the Report Was Built

Modeling LogicSource RegisterPublications, Regulatory and Industry ReferencesAnalytical NotesDisclaimer

Central Banks Reduce Swiss Gold Holdings, Favor Dollar Alternatives in 2026 – News and Statistics

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