Soaring gold price after Brexit vote provides boost for H&T

The owner of the country's biggest pawnbroker said the recent gold price boom helped send half-year profits surging.

By The Newsroom

Published 16th Aug 2016, 09:25 BST

Updated 16th Aug 2016, 13:34 BST

File photo dated of a European Union flag in front of the Palace of Westminster Photo: Daniel Leal-Olivas/PA Wire

H&T group, which trades as H&T Pawnbrokers and was established in 1897, posted a 42.3% jump in pre-tax profits to £3.7 million for the first six months of the year as it saw the price of gold leap by nearly 8%.

Demand for gold has been sent rocketing worldwide as investors look for safe haven assets amid uncertainty created by the Brexit vote as well the US election and negative interest rates in many countries.

The collapse in the value of the pound after the UK’s decision to quit the EU has pushed gold prices even higher, with figures recently revealing the price of the yellow metal has soared 45% so far this year in sterling terms.

H&T said if the gold rush continues over the rest of the year, its second-half profits will also be given a boost.

Brexit