By Vasilis Kaltsas

The golden pound rise rally continues, the price of which exceeded Wednesday and 850 euros.

It is noted that its price at the beginning of 2023 was about half of today.

The rise in gold prices has also stood the golden pound, with more and more running to the Bank of Greece to sell them.

And it is no paradox, since it is now worth as much as a minimum wage.

In order to be able to sell gold pounds to the Bank of Greece, one has to make sure it has been closed before an appointment.

By 2022, more than 162,000 gold pounds have been sold by individuals.

The rally of gold

In recent days gold has broken one record after another and negotiates close to $ 3,800.

But what are the main reasons for the ongoing rally?

A new Bloomberg report said that China is trying to become a guardian of foreign state gold reserves. In other words, he wants to store the gold purchased by other countries. The report said the plan has attracted the interest of at least one country in Southeast Asia.

This move is positive for the price of gold in two ways. First, it motivates more people – in this case, governments – to buy the metal. Secondly, making the national financial priority, China is established as yet another important factor in a system designed to do one thing: to continue buying and holding gold.

In addition, the prospect of further interest rates has also played a role in the rise. Given the US Federal Bank decision to reduce interest rates by 25 basis points at its meeting in September, this can be considered the second most recent factor to rise the price of gold, Business Insider notes.

The third reason is the timeless value of gold as a geopolitical refuge.

While gold profits in recent weeks can be linked to expectations to reduce interest rates, precious metal was mainly affected by economic and political uncertainty in the first half of 2025.

Trump duties caused turbulence in the markets and led investors to search for security. At the same time, geopolitical instability due to the escalating war in Ukraine but also in Gaza has greatly influenced investor behavior.