Record-high gold prices trigger a flood of selling. 'People are using gold as an ATM they never had'

Key Facts

• At Furman’s 5th Avenue store, the number of people coming in selling and pawning gold jewelry is more than three times above normal levels since prices started to rally in late February.
• On Friday, bullion prices for immediate delivery in London rose to a fresh record of $2,431.52 an ounce, after a series of peaks in the past month.
• Regular consumers in the Asian nation are buying too, snapping up coins, bars, jewelry — even beans — as well as exchange-traded funds tracking gold and gold mining stocks to hedge against turmoil in the country’s property sector.
• The lack of urgency to own gold is also reflected in weak sales at the US Mint — it recorded the worst March since 2019 for its American Eagle gold coin sales.

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