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(Bloomberg) -- Gold shipments from Singapore to the US climbed to the highest level in almost three years in January, a further sign of the ructions in bullion trading after pricing disparities opened up in key markets.

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Volumes of the precious metal shipped from the Southeast Asian city-state to the US rose to about 11 tons last month, up 27% from December, and the largest amount since March 2022, according to data from state agency Enterprise Singapore. Typically, most flows from Singapore go to destinations in Asia.

The global gold market has been in upheaval in recent weeks, at a time when prices were already near record highs. Concerns that possible tariffs from US President Donald Trump’s administration could hit flows of precious metals helped to lift bullion futures in New York to an unusually wide premium over international benchmarks in London. That gap then pulled imports into the US.

“Metal is being shipped there from all locations where there are refineries,” said Nikos Kavalis, managing director at Metals Focus Ltd.

Singapore is home to one of Metalor Technology SA’s gold refineries, a facility certified by the London Bullion Market Association. A Singapore-based general manager from Metalor declined to comment.

Under normal conditions, most gold-bar exports from Singapore go to destinations across Asia, depending on where demand is good, according to Kavalis. When regional consumption isn’t enough, these bars go to London, the main terminal market for gold.

Futures traded at about $2,925 an ounce on the Comex on Tuesday, compared with spot metal at about $2,912 an ounce in London, a difference of around $13. In January, the premium was wider, topping $50 toward the end of the month.

The last time there was a spike in gold flows from Singapore to the US came during the pandemic, when border and trade restrictions triggered concern about the ability to settle futures contracts. In July 2020, shipments from the city-state rose to about 26 tons.

--With assistance from Sybilla Gross.

(Corrects name of London Bullion Market Association in fifth paragraph)

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