7.08 PM Friday, 19 April 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:32 05:49 12:21 15:48 18:47 20:04
19 April 2024

UK doubles production of gold coins

By Reuters

The UK's Royal Mint, established in the 13th century, more than doubled gold-coin production last year as investors sought to diversify their assets and hedge against a weaker dollar and accelerating inflation.

Output rose to 125,469 ounces from 46,315 ounces a year before, according to data obtained by Bloomberg News under a Freedom of Information Act request. Gold averaged $974 (Dh3,575, £612) an ounce last year. Fourth-quarter production rose 54 per cent to 25,078 ounces, the data show.

Gold's nine-year bull market attracted hedge fund managers including John Paulson and Paul Tudor Jones and investors in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, amassed more metal than Switzerland's central bank.

The metal reached a record $1,226.56 an ounce on December 3.

The Royal Mint used 38 per cent more silver last year, totaling 354,285 ounces, the data show. Production in the fourth quarter increased 70 per cent to 83,902 ounces.


Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.