As the UK currency slid to an all-time low early Monday, bullion priced in pounds climbed close to a record.
That would typically encourage selling and deter buyers, but this time round the turmoil in British bond and currency markets increased the allure of the precious metal.“Buying has increased exponentially,” said Ash Kundra, who runs coin dealer J Blundell & Sons in London’s historic Hatton Garden jewelry quarter. “I keep running out of coins, I keep running out of bars.”
While the pound has recovered over the past few days, after the Bank of England was forced to intervene to prevent a bond market meltdown, the biggest set of unfunded tax cuts in half a century continues to reverberate. “We’re seeing a lot of new UK interest,” said Adrian Ash, head of research at the firm. “The interest rate and inflation crisis is global, but gold is saying that the UK has put itself right in the eye of the storm.”
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