Gold rush: Royal Mint says investors flocking to buy bullion before new tax year
Gold bullion sales are soaring as investors seek to protect themselves against political and economic turmoil – and from capital gains tax too.
The Royal Mint says its revenue from gold bullion sales rose nine per cent over 2024 to reach a new record high.
These sales rose 153 per cent in the final quarter of 2024 alone compared to Q3 2023.
The Mint saw a big increase in sales of all bullion (gold bars, digital gold and gold coins), with the number of people buying gold rising by 12 per cent.
Bullion coin sales revenue rose by 56 per cent in the fourth quarter of 2024 on the third, and by 206 per cent on the fourth quarter of 2023.
The gold price hit a record high of $2,799 (£2,251.31) per ounce on 30 January 2025, driven by investors buying up the metal as a hedge against aggressive US tariff plans.
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.
Gold remains popular as a secure investment that can help ride out financial and political uncertainty, as well as providing diversification for a portfolio.
The price of gold rose by more than 26 per cent in 2024, beating the S&P 500. The precious metal has risen almost 800 per cent in value since 2000.
Investments in gold can also be free from capital gains tax (CGT). This can make the precious metal appealing as an investment for those that have already maxed out their ISA and Sipp allowances ahead of the tax year ending on 5 April.
Gold coins such as Britannias and sovereigns are exempt from CGT, but only if they are made by the Royal Mint.
Gold coins made elsewhere, such as South African Krugerrands or American Gold Eagles, are subject to CGT in the UK, as are other forms of gold bullion.
The Royal Mint never gives exact figures about its sales figures, for commercial reasons.
The Mint is the oldest company in the UK and was founded in AD 650.