– £2,228.26 per troy ounce representing a 41% rise within 12 months –

LONDON, Jan. 16, 2025 /PRNewswire/ — The price of gold has climbed to its highest level ever recorded in sterling terms, driven by a combination of global economic trends and UK-specific factors. 

Over the past 12 months, gold has appreciated by £647.63 rising from a January 2024 low of £1,580.63¹ to today’s £2,228.26² per troy ounce. While the global economic landscape has played a pivotal role, domestic economic issues and political uncertainty have been instrumental in pushing gold to its all-time high against the pound. Solomon Global (https://solomon-global.com/), the specialist supplier of LBMA-approved gold and silver bars and coins, looks at some of the contributors to this latest high.

Internationally, the gold price has advanced due to economic uncertainties, ongoing geopolitical tensions, fears about economic slowdowns and sustained inflationary pressures (it is anticipated that global inflation will remain high until at least 2028, according to a recent survey by the German ifo Institute and Swiss Economic Policy Institute). Investors continue to turn to gold as a ‘safe-haven’ asset amidst these issues. Additionally, central banks worldwide increasing their gold reserves has further pushed up prices and underpins global demand.

In the UK, the all-time high for gold in GBP can be attributed to several key factors:

Sterling weakness:

The pound has faced headwinds due to persistent inflation, concerns over the UK’s economic outlook and Trump’s incoming tariffs. When sterling weakens against the US dollar, the relative purchasing power of GBP diminishes. Since gold is priced internationally in US dollars, a depreciating pound increases the cost of gold in GBP terms.

Inflation and interest rates:

A recent surprise fall in UK inflation has tempered immediate concerns but long-term inflation expectations remain elevated. Gold continues to be a popular choice for investors seeking to hedge against sustained price pressures. Conversely, softer inflation figures offer a path for the BoE to reduce interest rates. As a non-yielding asset, gold becomes more attractive when interest rates fall.

Economic uncertainty:

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The UK economy continues to grapple with sluggish growth prospects. External challenges, such as potential shifts in global trade dynamics, and internal fiscal pressures following the autumn budget, have left investors wary about the future. Despite the slight decrease in inflation, structural issues persist. UK investors remain cautious and continue to be attracted toward gold to preserve wealth.

Strong retail demand:

Gold’s reputation as a ‘store of value’ has led to robust demand among UK retail investors, particularly as other traditional savings options offer limited returns amidst rising living costs.

“Gold’s record-breaking performance in GBP reflects local and global economic conditions,” said Paul Williams, managing director at Solomon Global. “Gold shone on the global stage throughout 2024, and the factors that led to its stellar performance don’t look to be abating in 2025. As the UK navigates economic challenges, many are turning to the asset as a stable and reliable investment. This trend underscores gold’s enduring appeal as a hedge against uncertainty and a means to safeguard wealth.”

For more information about Solomon Global’s products and services, visit the website at https://solomon-global.com.

NOTES TO EDITORS

About Solomon Global 

Solomon Global specialises in supplying LBMA-approved gold and silver bars and coins that can be delivered directly to customers’ doors or stored in its highly recommended high-security storage vaults. The company takes a uniquely consultative approach to purchasing and selling physical gold and silver, regardless of the investment amount. Its simple and tailored strategy is designed to work with beginners and experienced investors alike.

Solomon Global’s team of experienced professionals is always available to provide practical solutions for clients – including products that are exempt from Capital Gains Tax – and assist with any inquiries.

For any questions about buying or selling gold and silver, contact the team here: https://solomon-global.com/contact/ 

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For further press information, please contact: Francesca De Franco on 0794 125 3135 or email [email protected] 

[i]

[1] Reached on January 24^th, 2024 – source: https://www.royalmint.com/gold-price/  

[2] Reached on January 16^th, 2025 (1.28pm GMT) – source: https://www.royalmint.com/gold-price/  

[i] Disclaimer: This press release is for informational purposes only and does not constitute financial advice. Buying physical gold as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide of future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.

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DUBAI, UAE, Jan. 16, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is deeply saddened by the devastating earthquake that struck Tibet earlier this week, leaving a trail of destruction and heartache.

The tragedy has claimed at least 126 lives, injured 188 people, and displaced tens of thousands as over 3,000 buildings collapsed in the remote region near the northern base of Mount Everest. In response, Bybit is committing RMB 5 million in collaboration with the Red Cross Society of China (RCSC) to support critical relief and recovery efforts in the affected communities.

The 7.1-magnitude earthquake, which struck on January 7, has caused widespread devastation, with extreme winter conditions complicating rescue operations. More than 14,000 rescue workers have been mobilized to search for survivors amid sub-zero temperatures and strong winds, highlighting the urgent need for immediate aid.

“As a responsible global leader in the blockchain industry, Bybit is committed to standing with communities in their time of need,” said Helen Liu, Chief Operating Officer at Bybit. “Our thoughts are with the survivors, the rescue teams, and the families affected by this tragic event. We hope our contribution will help provide much-needed relief and support the road to recovery.”

The donation will be directed towards essential services, including emergency shelter, medical supplies, and food aid, as well as long-term rehabilitation efforts. Bybit is proud to partner with RCSC to ensure swift and impactful assistance to those in need.

At Bybit, we firmly believe in the power of compassion and collaboration. This contribution reflects our commitment to fostering resilience and hope in the face of adversity.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

For more details about Bybit, please visit Bybit Press 

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EDEN ISLAND, Seychelles, Jan. 16, 2025 /PRNewswire/ — Seekapa, a standout name in global trading companies, has unveiled a major enhancement to its offerings, now providing access to over 600 tradable assets. This expansion spans a wide array of asset classes, including stocks, cryptocurrencies, forex pairs, commodities, and indices, reinforcing its reputation as a one-stop destination for those seeking diversity and innovation.

Nick Zander, Seekapa spokesperson, highlighted the significance of this development: “Our mission is to empower members by offering them access to a diverse range of high-quality assets,” he said. “This latest expansion opens doors to greater opportunities, enabling users to diversify their portfolios and capitalize on new market trends effectively.”

A Good Way to Diversify Trading

The addition of these new assets is a direct reflection of Seekapa’s dedication to staying at the forefront of industry trends. Traders now have the opportunity to explore and invest in emerging sectors alongside traditional financial instruments. This expansion fosters greater diversification, allowing customers to capitalize on a variety of market conditions. The intuitive, user-friendly platform combined with powerful analytics tools offers a seamless experience for traders at all levels, ensuring they can make informed, strategic decisions regardless of market volatility.

Zander noted, “In an ever-changing financial landscape, staying ahead of the curve is essential. By expanding our offerings, we’re not just meeting the needs of our current users, we’re empowering them to stay competitive, well-informed, and adaptable to shifts in the market.”

Seekapa’s enhanced portfolio is part of a broader strategy to solidify its position as the go-to platform for global clients. The platform’s commitment to security, education, and user experience drives its ongoing efforts to redefine how traders engage with the market. As a result, the brand continues to set new industry benchmarks, providing unparalleled access and innovative solutions for users across the globe.

About Seekapa

Since its inception, Seekapa has emerged as a trailblazer in the trading industry, continuously pushing boundaries in the foreign exchange market. With a steadfast commitment to innovation, the firm has consistently developed and enhanced its products, services, and trading software to meet the evolving needs of traders worldwide.

By setting new benchmarks and redefining the trading experience, the broker remains dedicated to empowering its users with cutting-edge solutions and unmatched opportunities. As a leader in the industry, Seekapa continues to shape the future of trading through excellence and innovation.

Website: https://seekapa.com

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