Investing in gold hits four-year high amid Trump’s tariffs and the ‘UK’s economic gloom under Labour’
Gold’s latest rise to fresh record prices has seen a jump in bullion investing, with UK buyers outnumbering sellers by the widest margin in 4 years on world-leading precious metals marketplace BullionVault this spring.
By weight, April-to-June also marked the first calendar quarter of net gold demand among UK users of the award-winning fintech since Q2 2023, buying more than they sold as a group even as prices set new all-time highs.
The price of gold in British Pounds ended June 7.8% below mid-April’s one-day spike to £2609 per Troy ounce. But its quarterly average price rose to £2457, the 7th successive record high and one third (+32.7%) above Q2 last year.
For reference, the UK Treasury’s gold sales of 1999-2002 fetched an average price of £183 per Troy ounce.
“Smashing daily records this spring, gold has continued to trend higher, with its underlying price setting fresh all-time highs as the second half of 2025 begins,” says BullionVault director of research Adrian Ash.
After taking profit on this year’s earlier surge in prices, UK investors are now buying into gold’s bull market. They’re joining central banks and Asian wealth managers in building their holdings as the geopolitical shock of Trump’s return to the White House persists and the UK’s economic gloom worsens under Labour.”
Including new users of BullionVault − where UK and global account openings continue to run at post-pandemic highs − the number of British investors who ended last month with more gold bullion than they began rose 7.1% from May’s figure, while the number of net sellers fell by 8.0%.
Together, that pushed up the UK Gold Investor Index by 1.1 points to 57.4, the highest June reading since 2021. It also took the UK index’s quarterly average up to 56.4, the strongest underlying figure since Q2 2021.
A reading of 50.0 on the Gold Investor Index would signal a perfect balance between the number of buyers and sellers. This unique measure of gold investing sentiment set a decade high on its UK series at 63.1 as the Covid pandemic took hold in March 2020, and it set a record low of 47.3 on heavy profit-taking by UK investors in March 2024.
“While gold is making a strong comeback among Western and particularly UK investors after the profit-taking of recent years,” says Ash, “it remains far from the rush of the pandemic or the global financial crisis.
Like the quiet, underlying uptrend in gold prices, the strong but more measured pace of new investor demand suggests that there’s no danger of this bull market blowing out anytime soon.
Worldwide, new investing in precious metals rose again last month, with June setting the 2nd highest count of first-time BullionVault users since March 2021.
All of BullionVault’s top 10 national markets saw the count of first-time users rise compared to May, with June topping its 5-year monthly average by 47.0% across the Eurozone and by 45.6% in the UK.