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<h2 id="header-0">Ash Kundra, a gold trader based in the UK, asserts that he recently ran out of gold coins and bars as a result of the rise in demand for the precious metal.</h2>The rapid rise in demand for the precious metal is attributed to the record-low value of the pound relative to the dollar as well as the unrest on the financial markets.Gold demand &#34;increased exponentially.&#34;Ash Kundra, a gold trader located in the UK, has disclosed that he frequently ran out of gold coins and bars in the days following the UK treasury chief Kwasi Kwarteng&#39;s suggestion for a mini-budget. According to Kundra, who runs his business out of London&#39;s Hatton Garden Jewelry Quarter, demand for the precious metal &#34;rose tremendously&#34; as a result of Kwarteng&#39;s divisive ideas.The study claims that the British gold rush occurred while the price of the precious metal was almost 20% below its March peak of little over $2,060 per ounce. Gold was once again a more appealing choice due to the unrest in the U.K. financial markets and the pound&#39;s decline to a record low against the dollar.Collateral in GoldMore Britons than normal apparently registered accounts at Bullion Vault, a member of the London Bullion Market Association, to purchase gold.Many British citizens are thought to have purchased cryptocurrencies in addition to gold. A record number of investors from the U.K. and the EU are believed to have purchased bitcoin using their respective currencies on the same day that the pound reached an all-time low versus the dollar, according to Messari, a top provider of crypto market intelligence products.Many people in the UK are apparently now using gold as collateral in addition to using it as a hedge against currency depreciation, according to reports. Jim Tannahill, managing director of Suttons and Robertsons, said he anticipates seeing an increase in the reported usage of gold as collateral by Britons.While this period of tremendous uncertainty lasts, we believe we will continue to see an increase in the number of people using gold as loan collateral, Tannahill is quoted as saying.

Report: UK Gold Dealer Sold All of His Bullion Following Pound's Record Fall

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