Gold News

Demand for precious metals has soared in recent weeks as lockdowns aim to reduce the spread of coronavirus hit more countries across the globe.

Gold and silver in particular have seen unprecedented demand, leading to stock shortages across the industry as investors clamour for safe haven assets.

The Bank of England today shocked investors and the public alike with news that the UK interest rate would drop to an all-time low of just 0.1% - an unmatched figure since the BoE first started in 1694.

Gold's price shot up yesterday to from £1,240 per ounce to £1,297.77 as the Pound fell to a 35-year low against the US Dollar, with the Bank of England bracing itself for crisis.

The United States Mint has announced a shortage of physical silver following a huge surge in demand for precious metals. The Mint has run out of its trademark silver Eagle bullion coins, as sales increased an incredible 300% in March.

The Bank of England shocked markets this morning with a dramatic emergency cut to the UK’s interest rates.

The cut was announced this morning ahead of today’s dramatic budget, and saw rates dropped from 0.75% to an historic low of 0.25%.

Stock markets are in “meltdown” today, with an oil price war striking another blow to stocks in what is being called “Black Monday” by analysts. Gold was pushed to a seven-year high of $1,702 per ounce this morning on the news.

The US Federal Reserve has shocked markets today with a significant cut to the US interest rate, in a move to protect the US economy from the growing impact of the coronavirus.

The East African nation of Tanzania is beginning to enact a plan proposed in 2017 to finally establish central bank gold reserves. The country, Africa's fourth biggest gold exporter, is looking to take advantage of its natural resources and develop a national reserve to cope with the increasingly volatile global economic climate.

Precious metal prices slipped on Friday as day traders were forced to sell gold, silver, platinum and palladium positions in the face of the worst week for stock markets since the 2008/09 financial crisis.

Given gold’s safe haven status, many people might be confused as to why gold’s price dropped so sharply on Friday. The answer however is simple – margin calls.

Major international stock markets including the Dow Jones, STOXX 600, and the FTSE 100 have today entered correction territory, having suffered a drop of 10% or more in cases from their recent peaks following continued coronavirus fears and the subsequent impact upon labour and supply chains globally.

Reports came out over the weekend that a gold field, with reserves of anything up to 3,000 tonnes of gold ore, had been discovered in the Sonbhadra district of Uttar Pradesh, India by the Uttar Pradesh Directorate of Geology and Mining.

Gold reached a record Pound Sterling high of £1,308.73 per ounce yesterday following reports from the World Health Organisation of 367 new cases of the Covid-19 virus outside of China, and a total of 80,000 cases globally.

Japan has become the latest economy risking recession following the release of weak GDP figures this morning. Data from the fourth quarter of 2019 shows the world’s third-largest economy contracted by 1.6% - its worst quarter since Q4 2014 and the second-worst since the financial crisis in 2008/09.

An unusual anomaly in gold exports from the UK has triggered what one Conservative MP called a ‘record breaking year for UK exports’, though the reality appears to be somewhat different...

Official figures show the UK economy has stalled in the final quarter of 2019, as Brexit uncertainty dragged down businesses.

Consumer spending was poor considering the crucial Christmas period; but it was manufacturing in particular that performed poorly.

A collection of Iron Age gold coins has been declared treasure by Suffolk’s senior coroner, having been discovered almost a year ago.

19 coins were found near Blythburgh, Suffolk last February by a metal detectorist. The anonymous finder reported the discovery to Suffolk County Council, and through them the coins have been the subject of cleaning and analysis for the past year, ready for sale to museums keen to display the collection to the public.

The price of gold has made slight gains in the past 24 hours, peaking at $1,576.46 per ounce just before midnight as the Asian markets opened and reacted to the latest coronavirus news.

Prices today have risen due to the confirmation that the coronavirus death toll has now surpassed that of SARS. The UK today reported four new cases of coronavirus, while in Japan the Nissan car factory in Kyushu has suspended production while the virus is still prevalent.

After a strong 2019, gold-backed ETFs continued to perform strongly at the start of 2020, registering a new record high number of holdings at 2,947 tonnes of gold.

33 tonnes of January’s increased ETF holdings came from Europe, with the UK the primary source of gold-backed ETF demand at 21 tonnes ($1.1 billion).

China has announced it will be cutting tariffs on $75 billion worth of goods by half, in a major boost to global stock markets amidst the ongoing coronavirus outbreak.

The CSI 300 index in China rose by 1.86%, while the Hang Seng rose by 2.4%. In Europe, the STOXX 600 hit a new record high of 424.80 points, courtesy of strengthening stocks in the UK, France, and Germany.

The price of gold has fallen this morning by £12 an ounce, following unconfirmed reports in the Chinese media that a drug has been found to help treat patients infected with coronavirus.

China’s Shanghai Composite index registered a loss of 7.72% today (-229.82 points) as fears over the rapidly spreading Coronavirus were finally reflected on the previously-closed Asian markets.

Investors are wary of backing markets – especially Chinese ones – in the face of reduced operations. With business effectively on hold, many investors see little point in putting money into the system.