Happy New Year! As we welcome 2023, we thought we would recap the Gold market in 2022.
In 2022, Gold saw a period of significant changes in the United Kingdom. It was an eventful year for the precious metal, from new regulations to rising prices. Let’s take a look at some of the key developments and what they mean for investors and consumers alike.
Price Changes
Gold prices rose significantly during 2022, reaching their highest level since 2011. This was largely due to increased demand from central banks and other institutional investors seeking to diversify their portfolios or hedge against economic uncertainty. This surge in demand led to higher prices across the board, with Gold coins becoming increasingly popular as investments among individuals and institutions.
One of the biggest changes to gold prices in 2022 was due to Brexit. After Britain officially left the European Union on January 1st, it caused great uncertainty in global markets. This instability caused investors to flock to safe-haven investments such as gold, significantly driving its price.
Regulatory Changes
The UK government also implemented a few regulatory changes related to Gold. This included the introduction of new rules around how Gold can be traded, including restrictions on who can buy and sell gold bullion bars and coins online.
These regulations were established to protect consumers from potential fraud or manipulation by rogue traders or dealers. Stricter reporting requirements were also put on companies that deal with Gold trading, aiming to improve transparency and accountability.
The Royal Mint started producing new coins.
Along with the rest of the UK this year, we were deeply saddened by the news of Queen Elizabeth II’s death on September 8th. The coins we use every day started to phase out in December, with new coins being introduced featuring our new King. This year we will start to see new coins featuring King Charles III’s portrait.
We are looking forward to seeing what 2023 brings!
