Recession fears prompted investors to turn to gold, with one firm recording their highest numbers in 10 months.
It followed global stock markets falling and fears of a US recession.
In the seven days to August 12 BullionVault saw trades worth £7.2mn.
Adrian Ash, director of research at BullionVault, said: “While private investors remain cautious on gold at these historically high prices, last week’s small pullback amid the sudden volatility in financial markets shows that pent-up demand is there, ready to seize any dips within what’s proving to be a strong long-term bull market.”
The levels were the highest seen by BullionVault since October 2023.
The amount bought by investors in the seven day period represents 118 kilograms of gold.
This compares with average weekly outflows of 77kg across 2024.
In July, another gold investment company said it had seen a 43 per cent increase in people turning to gold leading up to the UK’s general election.
It claimed this was prompted by concerns the UK’s new Labour government could introduce changes to capital gains tax, inheritance tax and pensions.
tara.o’connor@ft.com
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