Story perspectives

Gold Demand Soars Amid U.S. Tariff Concerns, Prices Surge

2/7/2025

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Summary

Story summary

Concerns over potential U.S. tariffs have led to a surge in gold demand at the Bank of England, extending withdrawal wait times to weeks.
U.S. gold prices have hit a record $2,880 per ounce, creating a significant price gap with the Bank of England.
Traders are favoring gold from commercial vaults due to delays at the Bank, which holds over 400,000 gold bars.
The market is facing "backwardation," reflecting tight supply and elevated premiums for gold in the U.S. market.

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Story summary

Concerns over potential U.S. tariffs have led to a surge in gold demand at the Bank of England, extending withdrawal wait times to weeks.
U.S. gold prices have hit a record $2,880 per ounce, creating a significant price gap with the Bank of England.
Traders are favoring gold from commercial vaults due to delays at the Bank, which holds over 400,000 gold bars.
The market is facing "backwardation," reflecting tight supply and elevated premiums for gold in the U.S. market.