Feb 17, 2025
Article from Business Insider by Nora Redmond
Article Synopsis
Gold is being withdrawn from the UK’s central bank and flown to New York due to concerns over potential tariffs by former U.S. President Donald Trump. This uncertainty has led to gold held at the Bank of England trading at a discount compared to the New York market, with delays in withdrawals. The Bank of England, which holds about 400,000 gold bars, remains a key global gold custodian.
Gold prices have reached record highs of around $2,900 an ounce, with analysts predicting further increases. Strong central bank buying and investment demand have driven annual gold demand to record levels, while concerns about production challenges may impact future supply.
