The figure is 69% higher than 105.1 mt reported a year earlier.

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.

Exports to the US were also up on the month, to 18.9 mt in May, from just 2.3 mt in April.

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.

While physical demand has remained weak globally this year, May saw a relative pick up in a number of locations as the international spot price dropped by around $100/oz.

Spot prices had fallen back to around $1,200/oz in May, but recovered to over $1,300/oz in June on lower interest rate expectations and growing uncertainty on the world economy, including the British referendum on the EU.

Physical demand has recently been reported weak once again, with discounts heard in India as high as $40-50/oz to the international price in the last 7 days.

Premiums have been reported in China and Dubai of around $1-2/oz, and about $2/oz in Turkey this week.