Gold has another record high above $2,295 per Troy ounce yesterday, extending a rally that has seen it rise 15 per cent since mid-February 24, after interest rates cuts with persistent US inflation and escalating conflict in the Middle East. Investors are betting it will honour its traditional role as a hedge against inflation if price increases persist when interest rates starts to fall.

Gold also seen as protection against rising US debt and possible widening of war in the Middle East and Central banks, Indian multi-million wedding market and Chinese customers are buying it in record numbers as Gold seems to be in the hands of speculative traders who are pulling in and wanting to see this thing move much higher. Jay Powell in a speech at Stanford University’s Business School warns the Federal Reserve’s job of bringing down inflation was not yet done and it needed greater confidence  that price pressures were easing before cutting interest rates.

 A gold nugget weighing 64.8 grams ( 2oz), unearthed in May 2023 near Much Wenlock, Shropshire, found by Richard Brock from Somerset, thought to be the largest ever found in England with a guide price of £40,000, failed to sell in the auction  as bids only reached just £12, 000 before the online auction close on Monday.