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With the price of ‘safe haven’ gold now topping end-January’s all-time record highs in terms of the UK Pound, Saturday’s US-Israeli attacks on Iran spurred record weekend demand for gold on 24/7 marketplace BullionVault.
Gross demand for gold jumped 104.8% by weight from the past 365-day average as Tehran’s ensuing retaliation made headlines around the world, while selling fell 9.5%.
Net-net, and while coin retailers were shut along with trading in gold ETFs on the stock market, BullionVault users bought over 79 kilograms of gold in total (2,552 Troy ounces) worth £10 million.
Weekend gold demand typically runs to around 15% of the average week-day,” says BullionVault director of research Adrian Ash. It’s a measure of how seriously investors view this new Middle East war that Saturday and Sunday saw gross demand for gold jump by 187% compared to the previous 5 days’ level.
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