Spot price: £3,410 per oz
This time last week: £3,330 per oz
Gold has moved higher over the week, rising from £3,330 per oz last Monday to £3,410 per oz, reflecting continued safe-haven demand, a softer US dollar, and expectations of future interest-rate cuts. Geopolitical tension and concerns over central bank policy direction have reinforced demand for physical gold.
This week, we talk about the key drivers behind gold’s continued rally.
Key events this week
- Heightened geopolitical risk headlines increased safe-haven flows into gold
- The US dollar weakened, supporting sterling-denominated gold prices
- Physical demand remained firm, with investors favouring bullion despite higher price levels
Central bank purchasing patterns
Central banks continue to be significant net buyers of gold. Purchasing remains broad-based, led largely by emerging-market central banks diversifying reserves away from major currencies. Buying has been steady month to month and remains elevated relative to pre-pandemic averages, helping underpin prices and providing an important confidence signal to the market.
Commodities correlation
Gold’s strength this week has been reflected across parts of the precious-metals complex, with silver and other precious metals showing similar safe-haven characteristics. During periods of market stress, correlations within commodities typically increase, and precious metals in particular tend to move in tandem as investors hedge against inflation and geopolitical risk.
Gold coin market
Demand for physical bullion coins, particularly UK legal-tender coins such as Sovereigns and Britannias, remains robust. Premiums over spot are supported by tight wholesale supply and consistent investor demand for physical delivery and personal custody of assets.
Rare and collectable coins
The collectable coin market remains active. Limited-mintage, key-date, and high-grade certified coins continue to attract premiums well above intrinsic metal value and are generally less sensitive to short-term fluctuations in the spot gold price, appealing to longer-term collectors and specialist investors.
Tax benefits for UK investors
UK legal-tender gold coins (such as Britannias and Sovereigns) are exempt from Capital Gains Tax, and investment-grade gold is generally VAT-free. This makes physical gold coins a tax-efficient way to gain exposure to moves in the gold price.
Why use RAX2 Assets
RAX2 Assets is an established provider of physical gold coins and bullion, based in Royal Tunbridge Wells, with a strong track record over the past five years. During this period, the business has grown through repeat clients and referrals, reflecting trust built through consistent service and transparent pricing.
- Established performance – Proven experience over the last five years providing gold coins and bullion to private investors and collectors
- Trusted advice – Straightforward, knowledgeable guidance on bullion and rare coins, suitable for both new and experienced buyers
- Client commitment – Emphasis on personal service, prompt communication, and clear, transparent transactions
- Fast and reliable delivery – Secure, insured, and efficient delivery of physical gold, with reliable fulfilment and discreet packaging
- Reputation for reliability – Focus on long-term client relationships rather than one-off sales, helping clients build and manage their precious-metal holdings with confidence
- Buy back guarantee – We guarantee to buy back all coins we sell on a buy-back guarantee, providing fluid liquidity options for all of our clients
Outlook
With macro and fiscal uncertainty elevated, ongoing central bank accumulation, and supportive interest-rate expectations, the backdrop for both gold and the gold coin market remains constructive. Investors continue to favour tangible, tax-efficient assets, and physical coins remain a key focus for many of our clients.
