Deep under the Bank of England, in a network of vaults into which cameras are rarely admitted, sits the world’s second-biggest known trove of gold.
Sky’s Ed Conway explains why the Bank’s vaults have been seeing heavy outflows of gold and the consequences of this exodus.
Gold Nears Record High as Trump’s Tariff Order Fuels Safe-Haven Demand
The price of gold has surged close to a record high after Donald Trump’s call for reciprocal tariffs increased demand for the precious metal as a safe-haven asset.
Spot gold climbed 0.6% to approximately $2,937 per ounce. The metal has already gained over 11% this year, following a 27% surge in 2024.
Wael Makarem of Exness attributed the rise to heightened investor caution, stating: “The market’s reaction reflected growing concerns about potential escalations in global trade tensions.”
