The price of a bar of gold has soared above £1million for the first time.
The precious metal has been in high demand among investors trying to protect their savings from the impact of Donald Trump’s trade war.
Analysts said they are seeing strong demand for gold due to its ‘stability and resilience in a volatile world’.
Prices also climbed due to central banks buying the metal and recently raised forecasts from investment banks including Goldman Sachs and UBS.
The spike came after the head of the US central bank warned of slower growth, higher prices and unemployment risks because of Mr Trump’s tariff threats and trade war with China.
It followed a meltdown in global financial markets when the US President revealed plans to hit trading partners with blanket import taxes.
Markets began to recover after Mr Trump gave in to demands for a 90-day pause but the ongoing uncertainty has seen investors pile into gold.
The price of gold surged to an all-time high of £2,540 per troy ounce on Thursday before falling back to £2,504. Its value has rocketed nearly 20 per cent so far this year.
The price of a bar of gold has soared above £1million for the first time. The precious metal has been in high demand among investors trying to protect their savings from the impact of Donald Trump’s trade war
The price of gold surged to an all-time high of £2,540 per troy ounce on Thursday before falling back to £2,504. Its value has rocketed nearly 20 per cent so far this year
An average bar of gold typically weighs 400 troy ounces (approximately two stone), meaning the value reached as much as £1.02million.
Paul Williams, a managing director at UK bullion dealer Solomon Global, said: ‘We’re seeing continued growth in demand as investors turn to gold as a safeguard in unpredictable markets.
‘Our clients value gold for its stability and resilience in a volatile world.’
Solomon Global said gold sales were up 93 per cent in March compared to a year earlier.