Gold News

Gold slipped yesterday from a peak of $1,795 to a low of $1,746 per ounce, before rallying slightly overnight and this morning back to $1,764.35. Strong bond yields and a stronger dollar have hurt the gold price, but optimism remains long term.

The UK’s CPI figure has posted the largest rise on record today. Prices in August rose by 3.2% according to the Office for National statistics, up from 2% in July.

Despite the base effect of the eat out to help out scheme, price pressures are undoubtedly rising, and analysts warn that UK inflation could climb as high as 4 – 5% by the end of 2021.

The price of palladium has fallen to its lowest since July 2020 following a slump in automotive demand. Growing inflation is to blame says the World Platinum Investment Council, with the higher cost of palladium dissuading purchase and usage.

British economic recovery almost ground to a halt in July according to the latest data from the Office of National Statistics.

Gross Domestic Product, better known as GDP, rose by a miniscule 0.1%; half a percentage point off the target forecasted and a mere 10% of the growth experienced in June.

As the 'War on Terror' in Afghanistan ends in ignominy, another conflict potentially looms: the war for resources. According to Forbes, Afghanistan reportedly sits atop what could potentially be one of world's largest reserves of precious metals, minerals, and rare earth elements.

Gold is currently $1,808 per ounce after shooting up last Friday following comments by Federal Reserve chairman Jerome Powell at the Fed's annual Jackson Hole conference on Friday.

Gold jumped from $1,789 per ounce to a peak of $1,818 before the markets closed for the weekend, and has stayed trading in a tight bandwidth between $1,808 to $1,823 per ounce since markets reopened on Monday.

New data from the Office for National Statistics reports that 82% of transport and storage business are trading – a sizeable gap less than the average operational capacity of 90% for other sectors of the UK economy.

Gold has gained £5.64 per ounce today as a result of the report, pushing it further above the £1,300 milestone. The latest surge in demand follows an unusual “flash sale” two and a half weeks ago, but all losses have since been recovered in full.

After a strong week of trading, the gold price has seen a small rise following the release of the minutes from the latest Federal Reserve committee meeting in the US. The Fed confirmed that its members are moving towards tapering its quantitative easing program.

The pound has been making gains against the euro in the weeks since Covid restrictions ended, as optimism grew for the UK's recovery, but news today reveals that Germany's investors are fearful of rising cases of Covid-19 again, and that cases – in conjunction with an economic slowdown in China – could undo economic recovery.

An incredibly rare gold penny, known as a Mancus of 30 Pence, is due to go to auction in September. The coin, the only known example in private ownership, is estimated to fetch an impressive £150,000 - £200,000.

Economic growth in the UK dropped sharply in July due to staff and material shortages, hitting the lowest levels in nine months.

According to the latest data from IHS Markit and the CIPS composite output index, growth dropped from 62.2 to 57.7 points – a 7.24% decline.

The pound has fallen to its lowest level in fourth months against the US dollar today, as markets grow more concerned about a resurgence of Covid-19. Despite a stronger than expected economic recovery so far this year, there are signs this is running out of steam and that things may take a downward turn in the near future.

Both the US and UK have reported further rises to inflation this week, in further signs that central banks may be wrong to claim inflation is just a transitory issue.

The consumer price index for June showed prices have risen by 5.4% year on year in the US, the highest rise since 2008, and far higher than the Federal Reserve’s target of 2%.

Gold has seen a small boost in price this week following further signs that central banks are once more buying gold. Gold reserve purchases had largely stopped throughout 2020, as central banks focused on the economic toll of Covid-19, but there are increasing signs that purchases have resumed.

A team of scientists have discovered trace amounts of ‘invisible’ gold can be found in iron pyrite – more commonly known as fool’s gold. The study and its findings could help offer new ways to extract this precious metal as the world’s resources slowly dwindle.

The Financial Conduct Authority has ordered Binance – one of the biggest crypto exchanges in the world – to halt all activities, following on from a recent crackdown on crypto trading in China.

The Pound has fallen today following a surprisingly dovish meeting of the Bank of England’s monetary policy committee. The BoE has voted to keep interest rates at the historic low of 0.1%, and despite revising their inflation forecasts up, are sticking to their guns over its temporary nature.

An extremely rare gold coin, known as a Leopard, is currently being considered for official Treasure status following its discovery by a metal detectorist in Reepham, Norfolk.

The central bank of Ghana has announced it will purchase 8.7 tonnes of gold produced domestically over the next five years – doubling the nation's total gold reserves.

Evidence of inflation is continuing to mount, as the UK consumer price index – CPI – climbed to 2.1% in May. This puts UK inflation at its highest in two years, and above the Bank of England’s target of 2%.