March Gold News 2022

Nationwide has reported that annual house price growth year-on-year has now hit 14.3% - the highest since November 2004. Last month it was 12.6% - just another part of the new cost of living crisis as inflation punishes the UK.

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Russia’s vast gold reserves were officially sanctioned yesterday by the US and other allies, on concerns that the country could use the precious metal to shore up its struggling economy.

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The Bank of England announced today that it would raise interest rates by another quarter percentage point (0.25) to 0.75%, with forecasts pointing towards 8% inflation late next month. The US Federal Reserve announced the same move last night at its monthly meeting, citing growing inflationary pressures.

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Gold set a new all-time record high of $2,078.80 per ounce on Tuesday, following growing economic instability in light of sanctions upon Russia amidst the ongoing invasion of Ukraine.

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Gold is currently up 1.81% for the week to $1,929.60 per ounce - a gain of $34.31 - showing the demand for safe havens whilst stock markets suffer the turmoil of economic uncertainty. Brent crude oil has passed $111 per barrel, whilst natural gas prices are up over 35%.

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