Traders have withdrawn thousands of gold bars from the Bank of England vaults since the end of 2024 amid fears of a trade war by US President Donald Trump's administration and rising prices for the precious metal.
The Daily Telegraph reported that about 8,000 bars have left the bank's vaults in the past two months, about 2% of total reserves.
The number of withdrawal requests has increased sharply after the price of gold on the New York futures market surpassed the spot price of the precious metal in London, confirmed the deputy governor of the Bank of England, David Ramsden. Traders are also being driven by concerns that Trump will impose tariffs on gold bullion, the article said.
All of this has led to waiting times for gold bars increasing from days to weeks, the Bank of England, which acts as the central bank, said. However, the regulator, which holds more than 4,000 gold bars, said it would be able to fulfill all requests.