Gold News

The first half of 2022 has been the worst period for stock markets in more than 50 years. Fears over rising interest rates and the potential recessions they will bring, have seen many investment assets suffer so far this year.

The latest data from the Office for National Statistics shows the UK economy shrank by 0.3% in April, following a smaller contraction of 0.1% in March.

Inflation in the United States has jumped up to 8.6% according to data released today by the Bureau of Labor Statistics.

Investment bankers Deutsche Bank are predicting a much steeper rise in interest rates from the Bank of England as the UK looks to rein in inflationary pressure on the economy.

The price of fuel continues to rise, with the RAC reporting yesterday that the cost of filling the average petrol tank is now above £100.

The Royal Mint has unveiled a single issue gold coin, the largest ever produced by the mint, to commemorate the Queen’s Platinum Jubilee next week.

There was more bad news for the United Kingdom today as the governor of the Bank of England, Andrew Bailey, told ministers that the worst of inflation is yet to come.

Inflation in Europe's largest economy rose to 7.4% for April according to the latest figures from Destatis – Germany's federal statistical office. This makes it the highest level since unification.

Gold and silver have both risen in the past 24 hours following interest rate decisions from the Federal Reserve and Bank of England. Gold in GBP is up more than 3% today, with silver doing even better up 4%.

China's premier stock market the CSI 300 suffered a 4.9% fall today following the Chinese government's decision to begin mass testing residents in the nation's capital.

Market analysts are forecasting three 0.25 point rises to the Eurozone’s interest rate in 2022, in response to hawkish comments from policy makers within the ECB. This is despite the latest revision of Eurozone inflation.

Sterling has fallen today against the Dollar to its lowest value since late 2020, as the UK economy looks to be stalling once more. Bank of England policymaker Catherine Mann commented yesterday that the UK economy could already be in the grips of stagflation, saying “in some senses, we could say we’re already there”.

Nationwide has reported that annual house price growth year-on-year has now hit 14.3% - the highest since November 2004. Last month it was 12.6% - just another part of the new cost of living crisis as inflation punishes the UK.

Russia’s vast gold reserves were officially sanctioned yesterday by the US and other allies, on concerns that the country could use the precious metal to shore up its struggling economy.

The Bank of England announced today that it would raise interest rates by another quarter percentage point (0.25) to 0.75%, with forecasts pointing towards 8% inflation late next month. The US Federal Reserve announced the same move last night at its monthly meeting, citing growing inflationary pressures.

Gold set a new all-time record high of $2,078.80 per ounce on Tuesday, following growing economic instability in light of sanctions upon Russia amidst the ongoing invasion of Ukraine.

Gold is currently up 1.81% for the week to $1,929.60 per ounce - a gain of $34.31 - showing the demand for safe havens whilst stock markets suffer the turmoil of economic uncertainty. Brent crude oil has passed $111 per barrel, whilst natural gas prices are up over 35%.

Brent crude has peaked today at just over $99 per barrel following last night's mobilisation of Russian troops into eastern Ukraine on what Russian president Vladmir Putin described as a "peacekeeping" mission.

Gold and silver have both kicked off the week with further gains on growing tension over Ukraine and Russia. Increasing rhetoric and warnings of a potential invasion have spooked stock markets, and spurred safe haven buying from investors.

The UK is facing a “generational cost of living crisis” according to The Telegraph newspaper, with the Bank of England raising interest rates to 0.5% as new data forecasts 7.25% inflation by April.