Gold News

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%.

With the growing popularity of cryptocurrencies, and concerns over the dilution of fiat currency through quantitative easing programmes since 2008, many governments and central banks are weighing up the switch from physical to digital currencies.

The National Federation of Independent Business (NFIB) Optimism Index in America broke a three-month streak of growing confidence in the US economy and recovery last month.

Gold is up 1.12% this week or $20.96 per ounce as investors continue to pursue the precious metal as an inflation hedge and safe haven asset. 

Russia has enough gold reserves in mines to last for approximately 40 years, according to Alexander Kozlov – head of the Ministry of Natural Resources in Russia.

The proclamation comes around the same time that President Putin fired a warning the way of US President Biden about sanctions currently in place on US dollar transactions surrounding Russia.

The latest survey of central banks by the World Gold Council shows that national institutions continue to be positive about gold, with no real change between 2020 and 2021 in the percentage of central banks believing national gold reserves will grow globally.

The new poll shows that 21% of central banks surveyed plan to increase their gold reserves in the next 12 months; a figure which could grow depending on the manner of Covid-19 recovery (if there even is an end to it).

Gold production in Australia is catching up to that of China, according to data from the first quarter of operations this year.

Figures from Australia show 74 tonnes of gold output between January and March, while stats from the China Gold Association show that China produced 74.44 tonnes in Q1.

The US Dollar has seen its value bounce back in trading yesterday on the back of strong jobs data. The Dollar’s gains have put additional pressure on gold however, pushing it back below $1,900 per ounce.

Having fallen to 89.66 on Tuesday the US Dollar index rose to a peak of 90.63 overnight, up 1%.

Inflation in the United States has risen by 1.2% in the last month to 3.1% overall; the highest recorded levels measured by the core personal consumption expenditures (PCE) index since the early 1990s.

Using the PCE index, Bureau of Economic Analysis reported inflation at 1.9% at the end of March, and today has reported a marginally stronger increase than the predicted 2.9% inflation.

European markets are on the up today ahead of US President Joe Biden's budget announcement due today. The Stoxx 600 index, covering Europe, is up 0.45% today to an all-time high of 448.48 points.

The budget is rumoured to be a $6 trillion spending package for 2022, with Covid recovery schemes included in the proposals and the potential to spend even more over the next decade.

Continuing its recent bull run, gold has made further gains in trading so far this week, and has climbed to a 4.5 month high overnight. Gold has risen above $1,900 per ounce for the first time since early January, hitting a peak of $1,910.63 this morning.

Following a strong week for gold and silver, both metals have seen further gains in trading today, pushing them up to a four and three-month high respectively.

The gains come as inflation fears continue to circulate among global markets, as well as a sharp correction in the price of Bitcoin.

High inflation figures from the US yesterday have triggered further volatility for precious metals.

Despite the highest inflation figures since 2008, and a stock market sell off, gold and silver have also come under pressure from a rising Dollar and bond yields.

After a volatile start to the week, gold has made strong gains the past two days, breaking through the $1,800/£1,300 per ounce barrier that has proven a resistance point for prices in recent weeks. Silver also enjoyed strong gains, up 4.56% in the past week.

The Bank of England has updated its forecast for the UK's economic performance in 2021, with GDP growth forecast to rise to 7.25% - up from the previous 5% forecast. Unemployment is also expected to peak at just below 5.5% at the end of Q3 this year; still higher than the approximate 4% of early 2020, but a lot lower than the speculated 12%.

Precious metal prices are volatile this week, as gold and silver saw price pressure yesterday after nearing two-month highs. The price pressure came as Treasury Secretary Janet Yellen suggested that interest rate increases may be needed to keep the US economy from overheating following a year of fiscal stimulus and upcoming spending plans from President Biden.

The Royal Mint has unveiled a stunning 10 kilo gold coin, the largest ever to be produced by the historic UK mint. With a face value of £10,000 and limited to just one coin, it is sure to be one for the history books.

The coin is referred to as a ‘Masterwork’, a new series of coins produced in larger sizes and representing the very best craftmanship and technology The Royal Mint has to offer.

The gold price is continuing to hold near the $1,800 per ounce barrier of recent weeks, as markets remain unmoved by last night’s Federal Reserve monetary policy meeting, and the unveiling of the next spending plan from President Biden.

$1,800 per ounce is proving a new psychological barrier for the precious metal, with resistance coming each time it nears that level.

The gold price today edged closer to $1,800 following fresh fears over the dramatic rise in Covid-19 cases in India, as well as difficulty in containing some variants of the disease in Europe.