By Jillian Ambrose
Private investor appetite for gold hit a four-year high last month, swelling net purchases on the BullionVault trading platform by almost half a tonne.
The financial jitters triggered by the Brexit vote and record low interest rates have spurred demand for the safe-haven commodity over recent months, driving total holdings at BullionVault to 35.7 tonnes.
Although the number of private buyers slipped 6pc in August, those willing to reduce the holdings they have built up over summer dropped 49pc to boost the net demand.
As a result BullionVault's Gold Investor Index up to a new 3-year high of 56.0, reaching its highest level since April 2013 from July's 53.4 reading.
Adrian Ash, head of research at BullionVault, said: “Private investors continue to grow their gold holdings against a trend of both rising prices and rising financial risks.
“Last time net gold investing demand was this strong, prices were retreating hard from the late 2012 rally. August 2016 in contrast marked the fourth time running that average monthly gold prices rose against the dollar, a pattern not seen since the metal peaked with the global financial crisis in summer 2011."