London bullion market players are racing to borrow gold from central banks, which store bullion in London, following a surge in gold deliveries to the United States on speculation of potential import tariffs there,

People can’t get their hands on gold because so much has been shipped to New York, and the rest is stuck in the queue,” one industry executive was quoted as saying.

The Bank of England delayed introducing new rules for banks to avoid putting British firms at a competitive disadvantage to the U.S. where President Donald Trump has promised to cut back on regulation for business,

The minimum waiting time to load gold out of the Bank of England, which stores gold for central banks, has reached four weeks, one of the sources said. In normal times, the release time is a few days or a week.

The Bank of England on Tuesday announced a new emergency measure to deal with debt-market instability like that seen during Liz Truss’s brief tenure as prime minister in 2022.

Mark Carney was the first non-British person to become governor of the Bank of England in its more than 300-year history when he took the job in 2013. He had previously worked at the investment bank Goldman Sachs, and served as the governor of the Bank of Canada, the country's central bank.

The disappointing retail data adds to the dim economic picture in the U.K. and to the challenges facing Finance Minister Rachel Reeves.

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Deliveries to the US left less free-float metal in London vaults, the metal that is not owned by central banks or holdings of physically-backed gold exchange-traded funds. This in turn boosted demand from players in London who are ready to lease their gold and make it available to the OTC market.

Geoffrey Bell, who has died aged 85, was a globetrotting financial adviser and the founder of the Group of Thirty, an elite international assembly of economists and monetary experts.

Pressure has been heaped on the Bank of England to cut interest rates as business ... Almost one in five companies listed on the London Stock Exchange issued a profit warning in 2024.