Report: UK Gold Dealer Sold Out of Bullion After Pound's Record Fall Causes Demand to SkyrocketThe United Kingdom-based gold dealer, Ash Kundra, has claimed that he recently ran out of gold coins and bars after the demand for the precious metal skyrocketed. Kundra, who operates from London’s Hatton Garden jewelry quarter, is quoted in a Bloomberg report suggesting that demand for the precious metal had “increased exponentially” following Kwarteng’s controversial proposals. This, in part, is said to explain why those in the United Kingdom were scrambling to get their hands on the precious metal. Meanwhile, in addition to using gold as a hedge against currency depreciation, many in the U.K. are now reportedly using the precious metal as collateral. “We anticipate we will continue to see an upward trend in people using gold as loan collateral in the coming months whilst this period of extreme uncertainty exists,” Tannahill is quoted explaining.

Source: Ethiopian News October 04, 2022 23:40 UTC