Tuesday, February 12th 12:38 PM IST

US private gold exports rise in December

# US gold output  # USGS  # Nevada gold  # private gold  

U.S. gold exports to Hong Kong has been steadily increasing in the past several years as wealthy Asian individuals looked to diversify their portfolios into gold.

WASHINGTON(BullionStreet): Asia accounted for a major part of the 20 tons gold exported from the US, highest total and the biggest month-on-month jump in U.S. private gold exports since September 2011.

According to US Commerce Department gold exports played an important role in narrowing the shrinking trade deficit during the month of December.

Country's exports of non monetary gold, which excludes central bank transactions, soared by 43 percent to $4 billion in December from the previous month.

Hong Kong accounted for around $2 billion, or half of the non monetary gold exports for the month.

U.S. gold exports to Hong Kong has been steadily increasing in the past several years as wealthy Asian individuals looked to diversify their portfolios into gold.

Analysts however said even larger amount of monetary gold leaves the U.S. every month as part of a gold leasing program related to the nation’s official gold reserves of 8,134 tonnes.

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