Gold exports from Switzerland totaled 192 mt in July, 19% higher than a year earlier, Swiss federal customs data showed Wednesday.
The figure is the highest monthly export total since December and is 13% higher than 171 mt reported in June.
Total gold exports from Switzerland now stand at 1,037 mt in January-July, up 4.9% from 989 mt in same period of 2015. In a marked change from the traditional flow of gold from west to east, the UK continues to be the largest destination for Switzerland's gold this year at 79.6 mt in July.
Total exports to the UK now stand at 331 mt in 2016, up from just 21 mt in the whole of 2015, and account for around a third of all Switzerland's gold exports this year. Growing investment demand for gold has seen a large flow of the metal into the UK in 2016, including significant inflows into gold-backed exchange traded funds, which have jumped by up to 50% since January.
Exports to the US have also surged this year, up 20% on the month to 24 mt in July. Total exports to the US this year stand at 68 mt, up from just 8.5 mt in the whole of 2015.
Meanwhile, exports to India continue to fall, down 22% on the month and 74% lower on the year, at 16.2 mt in July. It is also the lowest monthly total since March.
Total exports to India now stand at 152.3 mt in January-July, down 45% on the year.
High gold spot prices, which jumped in July to 28-month highs above $1,370/oz in the weeks following the Brexit vote has resulted in subdued physical demand this year, especially in the large Asian markets.
However, exports to China and Hong Kong were both higher in July, with exports to the Chinese mainland almost twice as high as a year earlier at 22.5 mt, up 22% on the from 18.5 mt in June.
Exports to Hong Kong jumped by a similar amount on the year to 33 mt, but were down 8% on the month from 35.8 mt in June.
Exports to China for January-July were 174 mt, 17% higher on the year. Total exports to Hong Kong are at 154.3 mt for the year, 32% lower than the same period in 2015.
Combined, exports to the mainland and Hong Kong are 13% lower than a year earlier at 328.32 mt, while total exports to Asia [India, China, Hong Kong and Singapore] are 30% lower than this time last year at 512 mt.
Exports to Singapore totaled 2.9 mt in July, down 74% on the year.
The London Bullion Market Association Gold Price settled at $1,337.30/oz Wednesday morning, down $4.70 from Tuesday's close.
