Gold Prices Near Record Highs as the UK Plunges into Its Deepest Recession

As the UK enters what could prove its worst recession in history, gold prices are near record highs. 

The UK entered recession in early August and as the economy began a freefall, after two consecutive quarters of downturn, gold prices started to shoot for the moon. Gold prices topped $2,000 for the first time on August 4th. In sterling, the price peaked on the 7th August at £1,572 and gold is on what looks like a long-term price surge.

This might seem counterintuitive to many, but for those in the know in the gold community, it was to be expected and planned for with increased levels of investment in the world’s most popular precious metal. This is because the price of gold often holds, or even rises, during times of crisis or economic downturn.

Will gold prices continue to rise?

Gold prices have been on an upward trend for a long time. Prices have almost doubled over the last decade, and prices have risen by an incredible 30 per cent just this year, and there’s time yet for prices to continue to skyrocket, in light of the recession.

Why do gold prices hold their value during times of crisis?

Gold is considered a safe haven investment during times of crisis. It is less volatile than other forms of investment like stocks, which can go up and down dramatically. Gold holds its value and is considered a hedge against inflation when currency loses its value. In times of inflation when the costs of goods and services rise, central banks start printing money, causing currency to lose value, however, gold is unaffected by this movement.

Sell scrap gold online

If you happen to have any scrap gold at home, perhaps a family heirloom or a piece of unworn jewellery, you might be surprised how much you can earn from selling gold.

At Cash For Your Gold we help sellers sell with confidence. We are one of the UK’s largest scrap gold buyers and have paid out more than £60 million.

Currently, we’re offering £16.75 for one gram of 9 carat gold. This is a superb price for your scrap gold. See our market rate comparison in the sidebar to see how we compare to other buyers in the market.

How it works – 3 steps

1. Weigh and value your precious metal at home

2. Post us your metal – 100 per cent secure postage

3. Get paid in just 24hrs!

Selling to Cash For Your Gold means you’ll receive payment by the end of the same working day we receive your scrap gold.

Selling gold with Cash For Your Gold

To find out more about capitalising on your scrap gold, send us a quick message, or call our team on 01902 623 253 today.

If you’d prefer an in-person meeting please book an appointment. Our offices in Wolverhampton reopened on August 17th, and we’d be happy to see you.

Call us on 01902 623 253 to book an appointment.