Cashforyourgold.co.uk, a leading online marketplace for scrap precious metals, experienced record numbers of customers cashing in on their unwanted gold after the Brexit results were announced. This has been due to a sudden rise in gold prices so companies like Cashforyourgold.co.uk have been paying up to £10.65 per gram for 9 carat gold.

An important factor that contributes to gold price is the interest rate. Reports tell us demand for gold typically soars when interest rates are low as they are currently in the UK. Although, gold has no fixed interest returns on your investment as you would receive with traditional ISA’s or other cash savings it does however offer a better longer term investment.

Global demand for gold

Rising populations in countries like China and India, where there has always been a strong connection with gold because of its cultural and sentimental significance have also contributed to soaring gold prices. In India, gold is seen as an investment for now and to pass down through generations and is used heavily during weddings to exchange between families. The exchange of gold during a marriage in India signifies wealth. Generally, the amount of gold a woman brings to a marriage gives her financial control and power in her new life. The parents of a bride will invest in gold from the moment their child is born knowing that it will contribute to her being married into a good family. Although, dowries no longer formally exist in the majority of weddings in India there is still an expectation that each bride must bring a certain amount of gold into her new home.

Gold miners have been some of the biggest beneficiaries of rising gold prices. As the price of gold goes up, the miners’ margins improve, meaning the potential return to investors goes up. Therefore, equities become a better bet than holding the underlying commodity. With gold prices already having a great start in 2016, forecasts predict they will continue for the remainder of the year as gold usually has much better performance in the second half of the year because of buying patterns relating to festivals in the Middle East, India and China, as well as Christmas in the West.

As a result of the recent BREXIT announcement the price of the British Pound is still falling, gold is at a 30 month high with some stocks having been affected positively. As the world has usually seen; when there are major global events the markets reflect the impact. Therefore, visiting Cashforyourgold.co.uk today and cashing in on your unwanted gold is highly recommended.

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