August Gold News 2021

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.