Global tensions have driven the price of gold to a historic high exceeding $5,000 per ounce. The surge in the price of the precious metal is attributed to significant geopolitical events, including President Trump’s Greenland acquisition threats and internal unrest in the US. Analysts predict that gold prices could continue to rise, potentially reaching $6,000 this year due to escalating uncertainties and robust demand from central banks and retail investors.
Russ Mould, investment director at broker AJ Bell, noted that the recent surpassing of the $5,000 mark indicates that investors are turning to gold as a traditional safe haven amid ongoing volatility. The upward trend in gold prices has sparked discussions on the role of gold within pension portfolios.
Mike Ambery, retirement savings director at Standard Life, emphasized that gold can serve as a valuable asset for some individuals during uncertain market conditions. He highlighted the unique nature of gold as an asset primarily valued for its historical status as a store of wealth rather than industrial use. Ambery outlined two primary methods for incorporating gold into a pension plan, highlighting the differences and considerations associated with physical gold holdings in Self-Invested Personal Pensions (SIPPs) versus Gold ETCs available on mainstream pension platforms.
In other news, online beauty retailer Beauty Bay, founded in 1999 by Arron and David Gabbie in Manchester, is reportedly exploring strategic options, including a potential sale of the business to raise new funding. Meanwhile, reports suggest that Labour is preparing to announce support measures for the struggling pub industry in the UK, as data reveals a concerning rate of closures in the sector.
Sainsbury’s has introduced significant discounts on various products through its Nectar Prices promotion, offering half-price savings on select items until February 1, with some deals extending until February 17. Additionally, EDF is incentivizing customers to reduce weekday electricity consumption by offering free electricity on Sundays through its Sunday Saver challenge.
Budget airline Ryanair is expecting strong profits following a rise in passenger numbers and average fares, with the company projecting improved underlying profits for the year. Meanwhile, Russell & Bromley is closing its first store following its acquisition by Next, with plans to assess options for its remaining locations. Additionally, a survey indicates a growing willingness among UK consumers, particularly in younger age groups, to utilize AI shopping assistants for their purchasing decisions.
