Gold News

Pound Sterling rallied last night as the Conservatives secured their election victory, and decimated opposition parties in the general election.The gold price dropped to a near six-month low of £1,085 per ounce last night as a result of the strengthening pound.

Will Boris Johnson now be able to 'Get Brexit Done'? Or is a no-deal Brexit risk growing once more?

Election day is here, and with it the Pound Sterling hit an eight-month high of $1.3228 against the US Dollar this morning as the latest polling points to a narrow Conservative majority. Polling is unpredictable however, and the Pound has since fallen back slightly to $1.316, while being at €1.182 against the Euro.

The former US Federal Reserve Chairman, Paul Volcker, has died at the age of 92. Volcker is infamous for advocating the abandonment of the gold standard, as well as his introduction of extreme fiscal policies in an attempt to turn around America’s spiralling inflation of the 1970s.

Pound Sterling has climbed to a seven-month high against the US Dollar this week, as markets become more confident of a Conservative victory in the upcoming General Election. The Pound is now at its highest since May 2019, hitting a high of $1.314 this morning – a gain of 2.29% in just a week.

One of Britain’s largest funds has been forced to suspend dealing due to problems with liquidity, risking billions of investor funds and potentially similar losses to the Woodford Fund failure from earlier this year.

Figures from the BEGOS rankings of commodities show that, for 2019, gold has been the third-best performing asset – behind the S&P 500 stock market and oil.

Last year – specifically in Dollar terms – the price of gold actually declined year-on-year; down 1.7% versus 2017. This year, gold has gained over 14.5% in Dollars, rising to record-breaking prices in other currencies.

Only a year since the record-breaking Douglas nugget was revealed to have been found in a Scottish river, another prospector has found an even larger specimen hidden on a riverbed, making this one Britain's largest ever gold nugget discovered.

New figures published today by the Institute for Supply Management report that the manufacturing index for November has fallen to 48.1 points; down from 48.3 in October and a fourth consecutive month of sector contraction.

Contradictory data – this time from IHS Markit - showed a rise in the Purchasing Managers Index (PMI) from 51.3 points to 52.6.

The National Bank of Serbia (Народна банка Србије in the native Serbian) has joined a growing list of central banks to add a sizeable sum of gold to the nation’s reserves.

Official figures show that Serbia added nine tonnes of gold to the central bank holdings in October. The transaction was worth approximately $438 million (€397.9 million), with the gold price at $1,503 per ounce.

The Institute of Fiscal Studies has published its analysis of the Conservative and Labour manifestos with two weeks until the general election. Their verdict? “nothing new in the Conservatives’ manifesto” and Labour “want to change everything.”

Following months of economic turmoil, Lebanon is on the brink of financial collapse, and civil unrest has now ground the country to a halt.

A lack of dollars has crippled the banking system, shutting down businesses and causing a surge in civil unrest.

The Organisation for Economic Co-operation and Development has warned of further risks to the global economy in their biennial economic report. The report is titled 'The global outlook is unstable', and warns of the various risks currently faced by economies across the globe.

The Central Bank of the Republic of Turkey (CBRT) was the largest buyer of gold for national reserves of any nation in the third quarter of 2019, acquiring an additional 71.4 tonnes of gold bullion.

Pressure from US sanctions and President Trump's threats towards the Turkish economy are believed to be behind President Erdogan's push to ditch the US Dollar from the reserves for gold.

New figures from the Office for National Statistics (ONS) yesterday morning show that the UK narrowly avoided a second quarter of economic contraction and the official declaration of recession.

The Bank of England has published fresh data on the forecast for the UK economy’s performance for 2020, revising August’s prediction for next year down by 1%.

The downgrade hit the Pound's value against the basket of major currencies, but market analysts believe this might be an indicator that the BoE will cut interest rates early next year to boost investment.

Members of Parliament yesterday voted by a margin of 438 to 20 in favour of a December election, due to take place on Thursday December 12th.

With Lords approval expected today, MPs and their parties will now have six weeks to campaign and promote their manifesto, in the hope of breaking the current Parliamentary deadlock.

The price of an ounce of Palladium peaked yesterday at $1,810.50 - a new all-time record.

The scarce metal has high industrial demand but limited supply, and this is a big driving factor in the precious metal's gains in the past six months; up 26.05% or $370.50 per ounce.

America’s stock markets have all made gains so far today following multiple hints from President Trump and the Chinese commerce ministry that ‘Phase One’ of a trade deal is effectively complete.

The S&P 500 is the standout market, up half a percent in trading currently at 3,037 points; just shy of the 3,041 point all-time record it set earlier in the session.

The European Union has agreed to extend the Brexit deadline again; this time to January 31st, 2020. There was little surprise this morning surrounding the announcement, with many expecting such an agreement to be a formality.

The United States Mint has reportedly been given the go-ahead to redesign the reverse depictions on the American Eagle gold and silver bullion coins as part of a bid to tackle counterfeiting.