The Bank of England, which holds over $252 billion in gold, has seen 8,000 bars—worth around $4 billion—flown to New York in the past few months.
Why? President Donald Trump’s aggressive trade policies, which include new tariffs on Canada, Mexico, and China, are sparking retaliation and fueling investor demand for safe-haven assets like gold.
Also, investors are worried that Trump will place a duty on the precious metal, urging them to bring it into the country before tariffs hit.
The bullion’s value in New York has soared 11% this year, hitting a record high of $2,935 per troy ounce last week. Last week, gold futures closed at $2,909. Major banks like JPMorgan and HSBC are flying gold from the UK to capitalize on the opportunity.
Global banks are also expecting gold prices to stay high in 2025. Citi forecasts it could reach $3,000 per ounce amid geopolitical and economic uncertainty that prevails with President Trump’s sweeping tariffs, mass layoffs, and regulation cuts, among other factors.
Notably, gold prices surged to a record high in October as America prepared for the election. The US gold inventories have doubled since Trump’s election victory over former Vice President Kamala Harris in November.