In 2024, gold prices rose 28% in GBP (27% USD), while the price of silver was up 23% in GBP (22% USD). This ongoing price momentum, driven in the fourth quarter
The Royal Mint has published its latest precious metals update, revealing recent trends in global consumer precious metals investing.
In 2024, gold prices rose 28% in GBP (27% USD), while the price of silver was up 23% in GBP (22% USD). This ongoing price momentum, driven in the fourth quarter by a combination of ongoing geopolitical uncertainty and falling interest rates, has fuelled demand for precious metals, with revenues from gold bullion sales at The Royal Mint – this includes coins, bars and digital gold – up 153% year-on-year. Across 2024 as a whole, the total number of customers buying bullion from The Royal Mint’s website hit a record high, rising 9%, while the total volume of online bullion transactions was up 12% compared to 2023.
New data from The Royal Mint demonstrates a continuation of the trend of UK investors turning to CGT-exempt products, such as bullion coins, in growing numbers. Sales of bullion coins on The Royal Mint’s website surged to another record high in the fourth quarter, with revenues up 56% on the previous quarter, and up 197% when compared to the same period in 2023.
This has primarily been driven by a surge in gold bullion coin sales. Between October and December 2024, revenues from gold bullion coin sales rose 206% when compared to the same period in 2023. Across 2024 as a whole, revenues from the sale of gold bullion coins from The Royal Mint’s website rose 49%.
Alongside growing investor appetite for CGT-exempt products, a significant increase in sales of The Royal Mint’s VAT-free Digital Metal products also demonstrates the growing focus on tax-efficient investing. Revenues from sales of Digital Silver were up 51% in 2024. Looking specifically at the fourth quarter, revenues rose 848% year-on-year.
The data also shows an increase in sales of platinum, with the total weight of platinum sold between October and December 2024 up 117% on the previous quarter. Sales of The Royal Mint’s VAT-free Digital Platinum product also rose 194% year-on-year.
Commenting on the data, Stuart O’Reilly, Market Insights Manager at The Royal Mint said: “A combination of economic uncertainty and geopolitical volatility have led gold prices to hit multiple all-time highs in 2024. At a time when interest rates are gradually subsiding, investors have been drawn in by the capital growth gold has delivered as an asset class, and the protections safe- haven assets provide.
“Tax efficiency has also driven investment decision making, with a second consecutive record quarter for sales of bullion coins from The Royal Mint website. The surge in demand for our VAT-free Digital Metal products also reinforces the idea that investors are adopting a proactive approach.”
