UK Gold Demand Surges as Prices Jump 12.2%

Gold prices surged in August, reaching their second-strongest monthly price rise of the past decade. The UK gold price jumped 12.2% to £3369 per troy ounce, more than reversing a previous summer drop.

BullionVault reported that private investors bought 128 kilograms more gold than they sold last month, with a net spend of £13.5 million. This resulted in total holdings growing by 0.3% by weight to 43.6 tonnes worth £4.7 billion.

According to BullionVault's director of research Adrian Ash, 'Rather than taking profit on gold's steep rebound, private investors bought into the precious metal's late-summer rally.'