Gold sales soar following UK snap election decision

London (April 20)  The investment platform saw a 119% increase in the number of customers buying physical gold in the aftermath of the shock announcement in what chief executive Josh Saul labelled a “textbook inverse relationship between sterling and gold”.

The gold price spiked on Tuesday morning ahead of May’s announcement, then fell once sterling began to strengthen on the back of the news.

One banking client at The Pure Gold Company bought £1.3m ($1.67m, €1.55m) worth of the metal once the price hit £1,007 an ounce, Saul said.

The increase in gold sales comes after a good performance for the asset in recent weeks with ETF Securities reporting strong gold ETF flows.

It trounced all other product sectors in early April with $41.9m of inflows in just one week.

Source: InvestmentAdviser