Global bullion banks are now transporting gold into the United States from key trading hubs like Dubai and Hong Kong, targeting the significant premium that U.S. gold futures hold over spot prices. Traditionally, gold moves from the West to meet demand in major consumer markets like China and India. However, concerns over U.S. import tariffs, particularly under President Donald Trump, have pushed Comex futures prices considerably above spot prices, creating a profitable arbitrage opportunity. A bullion dealer in Singapore noted, Gold prices are surging, with weakened demand in Asia, while the U.S. presents a promising opportunity for banks to exploit the arbitrage by delivering gold for Comex contracts. Since late November, COMEX gold inventories have surged by nearly 80%, totaling 13.8 million troy ounces valued at over $38 billion. This increase has been fueled by shipments from both traditional sources and new Asian-focused hubs. The premium on Comex futures over spot prices expanded to approximately $40 on Monday, contrasting sharply with discounts in India and China. The cost of transferring gold from Asia to the U.S. remains minimal compared to prevailing Comex premiums, as noted by a bullion dealer in Mumbai. Highlighting this trend, a prominent bullion bank transferred gold from a duty-free zone in India to the U.S. last week to capitalize on the opportunity. With subdued retail demand in Asian markets due to high prices, bullion banks have been procuring gold even from refiners in Dubai, a major gold supply hub for India, to meet the demand in the U.S., according to a dealer in Dubai. Describing the current scenario, a dealer in Dubai stated, The U.S. is acting like a magnet for gold, attracting shipments from across the globe.