"Kanda is the owner of Sunny Jewellers, situated along a stretch of Leicester known as the Golden Mile, and is a beneficiary of consumers seeking alternative investments amid the uncertainty. The business is among a dozen or so south Asian jewellers in the area that have been facing relentless demand for gold since the precious metal began soaring in value at the end of last year."
"By the end of the day we're just knackered, Kanda says. We are seeing a lot of people buying and selling. As the price of gold goes up, we get busy on both sides. In late January the price reached more than $5,000 (3,681) an ounce for the first time, mainly thanks to President Trump, although it has recently come back from that level."
"Amid the US president's clashes with the US Federal Reserve and his threats to invade Greenland, investors sought a safe haven from volatile markets and currencies. So private buyers and central banks across the world scrambled to acquire gold and repatriate stockpiles held in the US. The soaring prices have driven Sunny's customers to snap up 22-carat gold bars and coins or dig through jewellery boxes to sell off unworn jewellery."
Consumers and central banks increased purchases of gold as a safe haven amid geopolitical tensions and market volatility caused in part by President Trump's clashes with the US Federal Reserve. Sunny Jewellers on Leicester's Golden Mile experienced relentless demand for 22-carat gold bars, coins and unworn jewellery being sold. Gold prices spiked past $5,000 an ounce in late January, prompting both buying and selling activity that left shop owners exhausted by day's end. Closure of local bank branches, including Barclays and NatWest, reduced access to cash and encouraged people to treat gold as a liquid store of value. Repatriation of bullion stockpiles and private buying further drove prices higher.
Read at www.theguardian.com
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