US gold rush drives up borrowing costs for precious metal in London

Quick Summary:

The cost of short-term gold borrowing in London has shot up as the shortage in the bullion world’s trading capital has starved the market of the precious metal.

Gold prices have climbed more than 8 per cent this year on fears of a global trade war, setting multiple record highs.

Last year central banks purchased 1,045 tonnes of gold — roughly level with the previous year, and the third consecutive year with central bank purchases of more than 1,000 tonnes.

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Article Details

Author / Journalist: Leslie Hook

Category: MarketsFinanceInvesting

Markets: United States

Topics: Market Precious Cent Demand Year London Record Banks Gold Last Metal

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-05 @ 06:00:08 (14 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 648 words

Reading Time: 4 minutes read

Sentences: 21 lines

Sentence Length: 31 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 25904619

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About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

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Year Established: 1888

Headquarters: United States

News Last Updated: 11 hours ago

Coverage Areas: United States

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