The spot price for gold climbed 0.4% to hit $3,546.99 (c. £2,644) per ounce, marking its seventh consecutive daily rise. Prices have advanced by approximately 5% during this period and are up by more than a third this year, making gold one of 2025’s best-performing major commodities. Silver has also seen a sharp rise, trading above $40 an ounce.

The rally is partly fuelled by an announcement from the World Gold Council that it plans to create a digital version of bullion. Chief executive David Tait said the initiative aims to “standardise that digital layer of gold”, revolutionising London’s $900 billion physical market by creating a new way to trade, settle, and use the metal as collateral. The council hopes this will attract a new wave of asset managers to the market.

This move comes as investors grapple with ongoing global economic uncertainty, concerns over sovereign debt levels, and a recent sell-off in equity and bond markets. The metal’s appeal has been further boosted by the prospect of interest-rate cuts in the US after Federal Reserve chair Jerome Powell cautiously opened the door to a reduction, which typically benefits non-yielding assets like gold.

Adrian Murphy, CEO of Murphy Wealth, noted that while the price rise is unsurprising given gold’s “safe haven” status, it is unusual to see both gold and equity markets trading near all-time highs, as they typically move in opposite directions.

He advised caution for those considering investing now, stating that gold should only ever form a small part of a diversified portfolio. “It is best seen as an insurance policy against falling stock markets or the value of currencies,” Mr Murphy said, recommending investors limit their exposure to a single-digit percentage. He suggested gaining exposure through exchange-traded funds (ETFs) or a basket of global stocks that includes mining companies.