Gold exports from Switzerland totaled 177.3 mt in May, up 20% from 147.8 mt reported in April, and the highest level since December, Swiss federal customs data showed Tuesday.

Exports to China were 36% higher on the month at 19 mt in May, while exports to Hong Kong were 2.5-times as large at 24 mt.

Meanwhile exports to India were down 16% on the month to 18.5 mt, while exports to the UK were down 12% to 69.5 mt.

The UK has been the biggest destination for Swiss gold exports this year, averaging over 60 mt/month since February, compared with average exports of less than 2 mt/month in 2015.

Growing investment demand for gold has seen a large flow of the metal into the UK this year, according to market participants.