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The gold reserve of the United Kingdom is the amount of gold kept by Bank of England as a store of value of part of the United Kingdom's wealth. Leftover from the Gold Standard which the country abandoned in 1931, it is the 17th largest central bank reserve in the world with 310.29 tonnes of gold bars .
The total quantity of unallocated gold is estimated to be 15,000 tonnes at the end of 2008 [6] which supports the 2,134 tonnes on average of spot gold trade through London every day representing 14.2% of the pool. This compares to average daily turnover in UK equities of between 0.34% and 0.63% for the 12 months ending September 2009. [6]
The UK government's intention to sell gold and reinvest the proceeds in foreign currency deposits, including euros, was announced on 7 May 1999, when the price of gold stood at US$282.40 per ounce [9] (cf. the price in 1980: $850/oz [10]) The official stated reason for this sale was to diversify the assets of the UK's reserves away from gold, which was deemed to be too volatile.
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The LBMA gold price is set twice every business day at 10:30AM and 3:00PM, London time, in United States dollars (USD). Prices are available in sixteen other currencies—including British pounds, Canadian dollars, Chinese renminbi, and euros—but they are indicative prices for settlement between LBMA members only.
Welcome to our live coverage of the Bank of England’s interest-rate decision due to be announced on Thursday. Bank poised to hold rates at 5%, economists think Wednesday 18 September 2024 21:45 ...
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The Bank of England established a bullion vault in London as a result. In 1750 the Bank of England sought to standardise the quality of the gold bars being stored, and so established the London Good Delivery List, originally named the List of Acceptable Melters and Assayers.