Economy

The gold price has stabilised, and the slump in gold hallmarking has bottomed out. And now that the commodity traders are losing interest, MICHAEL NORTHCOTT asks whether the scrap-buying craze has caused any lasting change to the market.

The CBI has announced that the economic outlook for the next three months is “exceptionally strong and broad-based”, and growth expectations are the strongest they have been since the body began recording data in 2003.

Overage retail sales across the UK rose by 4.2 per cent in March compared with the same period in 2013, and by a more modest 0.1 per cent compared with February 2014, according to the latest figures from the Office of National Statistics (ONS).

The number of articles hallmarked across the four UK assay offices rose by 23 per cent in the first three months of 2014 compared with the same period the previous year, according to the latest figures.

The British Retail Consortium (BRC) has welcomed a vote by MEPs for an overhaul of the European payments market, which could include introducing a cap on bank fees charged to retailers for card payments.

Figures released today by the Birmingham Assay Office show that the number of 9ct gold items hallmarked across all four UK assay offices rose more than 33% in February, compared with the same period the previous year.

The three-month average growth in retail sales to the end of February was 2.8 per cent, according to the latest figures from the British Retail Consortium (BRC).

The UK’s largest pawnbroking group, H&T, has revealed that pre-tax profits slumped a hefty 60 per cent to £6.7m, for the full year to 31 December 2013. 

Belfast-based jewellery chain Argento has announced a £1m investment plan that will include seven new shop openings in Northern Ireland, the Republic of Ireland and Scotland.

Consumers around the world bought gold in record amounts in 2013, led by demand in China and India, with China becoming the world’s biggest gold market, according to the latest World Gold Council Gold Demand Trends report.