Long-term government borrowing costs in the UK reached their highest level since 1998 on Tuesday, as concerns over the country's economic outlook combined with a global move higher in bond yields.
The move adds to the pressure on Chancellor Rachel Reeves ahead of the upcoming Budget, where expectations are rising that she will increase taxes to bolster government finances.
The interest rate on 30-year government bonds, known as the yield, jumped to 5.698%, its highest level for 27 years.
On the currency markets, the pound also fell more than 1% against the dollar on Tuesday morning.
Government bonds have been under pressure globally for a number of months, in part due to volatile US trade policy.
The yield on 30-year UK government bonds - known as gilts - has been rising for some months, and this adds to the cost of UK government debt due to higher interest payments.
However, when it comes to satisfying government forecaster the Office for Budget Responsibility (OBR) that the chancellor is meeting her self-imposed fiscal rules, the OBR looks at 10-year borrowing costs, rather than 30 years.
Tens of thousands of foreign students are being contacted directly by the government and told they will be removed from the UK if they overstay their visas.
The Home Office launched the new government campaign in response to what it has called an "alarming" spike in the number of international students arriving legally on student visas then claiming asylum when they expire.
As part of the campaign, the Home Office has for the first time proactively contacted international students directly by text and email.
Under the plans, about 130,000 students and their families in total will be sent a message telling them: "If you have no legal right to remain in the UK, you must leave.
"If you don't, we will remove you."
Ten thousand international students whose visas are due to expire have already been contacted directly by text and email - warning them they could be deported.
Tens of thousands more will receive the message in the coming months, the BBC understands, to coincide with autumn when applications often increase.
The full message will read: "If you submit an asylum claim that lacks merit, it will be swiftly and robustly refused.
"Any request for asylum support will be assessed against destitution criteria. If you do not meet the criteria, you will not receive support.
"If you have no legal right to remain in the UK, you must leave.
"If you don't, we will remove you."
While the political focus this summer has been on people arriving on small boats, a similar number arrive legally with visas, then apply for asylum often when those visas run out.
Many of these claims are legitimate, but ministers are worried that too many international students are seeking asylum simply to stay in the country because their leave to remain has run out.
In the year to June 2025, 43,600 people seeking asylum arrived on a small boat - 39% of all asylum claims, according to Home Office data.
Another 41,100 asylum claims came from people who entered legally with a visa, the department said, with the largest group among visa holders being students.
Last year, 16,000 asylum claims came from those who arrived on student visas, nearly six times as many as in 2020, it said.
Since then, Home Office data shows there has been a drop of 10%, but ministers in the department want the figures to fall further.
The number of people on skilled worker visas being granted asylum has also fallen, according to the department.
Earlier this year, the Home Office announced a cut in the amount of time overseas graduates can stay in the UK after their studies – from two years to 18 months.
Chloe Malle will become the top editor at American Vogue after Dame Anna Wintour stepped aside as editor-in-chief, the publication has announced.
The 39-year-old, daughter of actress Candice Bergen, worked her way up the fashion magazine ranks over the past 14 years to become editor of Vogue.com and host the magazine's podcast The Run Through.
Malle's appointment marks a new era for the magazine, considered one of the most influential and glamorous fashion publications.
Wintour, the British-born fashion magnate, announced she was leaving the role in June after holding the position for 37 years. The magazine said she would retain senior positions at its publisher.
During her tenure at Vogue, Malle has reportedly been responsible for securing the magazine's photoshoot with Naomi Biden for her 2022 White House wedding, as well as an interview with Lauren Sanchez ahead of her wedding to Amazon CEO Jeff Bezos.
Before she began at Vogue, Malle covered real estate for the New York Observer. Her next gig as a freelance writer led her to Vogue where she began a full time position as the social editor in 2011.
"I was hesitant when I was interviewing, because fashion is not one of my main interests in life, and I wanted to be a writer more than an editor, but I was so seduced by the Vogue machine that I couldn't resist," Malle told the publication Into the Gloss in 2013.
Like her predecessor, Dame Anna, Malle has not shied away from politics while at Vogue.
Both on her social media and on her podcast she has supported Democratic causes and candidates.
During a 2024 episode of her podcast, which aired after Donald Trump was re-elected as US president, Malle expressed her disappointment with the election result.
It is unclear exactly when the transition from Dame Anna to Malle as chief of the magazine will be, but the 75-year-old is not completely leaving the picture.
Dame Anna will remain publisher Condé Nast's chief content officer, a role she was appointed to in 2020, which means she will still oversee Vogue's content, along with the company's other titles such as GQ, Wired and Tatler.
Linehan said in an online article his bail condition stipulates he is "not to go on Twitter"
Father Ted co-creator Graham Linehan has been arrested at Heathrow Airport on suspicion of inciting violence in relation to his posts on X.
He was arrested after arriving on a flight from the US, and said in an online Substack article that officials then became concerned for his health after taking his blood pressure, and took him to hospital.
The Metropolitan Police said that a man in his 50s was arrested on 1 September at Heathrow Airport and taken to hospital, adding his condition "is neither life-threatening nor life-changing" , and he was bailed "pending further investigation".
Linehan said in an online article on Substack that his bail condition stipulates he is "not to go on Twitter" and that his arrest related to three posts on X from April, on his views about challenging "a trans-identified male" in "a female-only space".
Linehan said when he stepped off the aircraft, "five armed officers were waiting" to tell him he was under arrest.
The Met said: "The arrest was made by officers from the MPS Aviation Unit. It is routine for officers policing airports to carry firearms. These were not drawn or used at any point during the arrest."
There is relief on Tyneside that Newcastle have signed a proven Premier League forward in Wissa to ease the burden on record signing Nick Woltemade, who has never played for a club outside Germany.
But, after holding firm for so long, Newcastle have also lost one of the best strikers in the world to the champions on deadline day.
That felt like an unimaginable prospect to outsiders when Isak was bouncing up and down in a celebratory huddle as the Champions League anthem played out at St James' Park after Newcastle secured qualification on the final day of last season.
But this has been a summer like no other in the club's history.
Losing Isak had never been part of the plan, of course.
Newcastle want to one day compete with Liverpool for the biggest trophies rather than selling their best player to a side they defeated in the Carabao Cup final back in March.
In a statement, last month, Newcastle did not even foresee the conditions of sale being met as the saga dragged on weeks after Liverpool's opening £110m bid was rejected.
To give in on the final day sets a potential precedent - this is a player who had three years left on his contract - but the situation felt increasingly untenable.
Isak's absence had already cast a shadow over the club. Could the wantaway Swede really have been reintegrated if he did not get the move he desired in the final throes of the window? Was there a risk his value would only dwindle further if he stayed on the sidelines?
It certainly felt like there would be a long way back for Isak with the fanbase after the 25-year-old sat out the opening weeks of the campaign and released an explosive statement claiming that "change is in the best interests of everyone".
It was just last week that Newcastle fan Ian Cuthbertson vowed he would "never accept him again" while Mal Colledge said the "whole thing just leaves a sour taste".
Fellow supporter Suzanna Armstrong said "no-one is irreplaceable".
But Debra Woodall, wearing a commemorative home shirt to mark the day Isak helped Newcastle end a 70-year wait for a major domestic trophy, admitted it was going to be "hard to replace him".
"Hopefully they find someone who puts the ball in the back of the net," she said.
Newcastle's interest in Wissa had been well documented, after Brentford turned down two previous bids, but Woltemade's move was kept so under wraps that sources directly involved in the deal were even denying it was happening last week.
They said that Stuttgart would not sell - regardless of the buying club - following Bayern Munich's previous failed pursuit.
For context, a flight had been booked at the time to take Woltemade from Stuttgart to Tyneside for his medical.
Unlike high-profile bids for Hugo Ekitike, Benjamin Sesko and Joao Pedro, Newcastle had acted so swiftly and covertly that details only eventually leaked out when the deal was as good as done.
From the outside, the £69m move happened rapidly. Those involved even described it as "very quick". But this had been a long time coming for head coach Eddie Howe following a series of setbacks in his search for a centre-forward.
"Although it seems quick to you guys, it's not quick to us," Howe said. "It's slow, laboured, because you're in the hands of other people."
Those words could just so easily have been used to describe the window as a whole.
Howe had previously labelled last summer as the most difficult of his career after Newcastle struggled to make a major signing and dashed to sell Elliot Anderson and Yankuba Minteh to avoid a breach of profit and sustainability rules (PSR).
Yet it was rather telling that Howe later referred to that bruising window as a "piece of cake" compared to these past few months.
Targeting players 'desperate' to join
Newcastle had set out to do business early.
But it got to the point where they could have put together an almighty five-a-side team of targets who went elsewhere.
It is understood that James Trafford, for instance, was "super excited" about the prospect of joining Newcastle, only for talks to become protracted with Burnley over the fee.
Manchester City went on to activate their buyback clause and matched Newcastle's offer for their former goalkeeper, who chose to return to Etihad Stadium.
A theme started to develop.
Although Benjamin Sesko's camp had "big respect" for Newcastle, and considered them a "great club with great people", those closest to the striker previously did not feel it was the "right moment" to move to St James' Park when the club first showed an interest in 2022.
History repeated itself once again last month when Sesko opted to join what he called a "historical club" in Manchester United.
Newcastle have their own tradition, of course, but they encountered a challenge going up against the established order for such players in the opening months of the window.
As well as the legacy factor - another target, Joao Pedro, cited growing up watching Chelsea winning titles - these clubs have superior income streams.
Manchester United (£364.7m) and Chelsea (£337.8m) were among five Premier League sides who splashed out more on salaries than Newcastle generated in revenue (£320.3m) in their most recently published accounts from 2023-24.
Newcastle had the eighth-largest wage bill in the same period and, after suffering a number of setbacks this summer, the club became even more determined to recruit players who were "desperate" to move.
It was noted how some of Newcastle's most successful signings under Howe fitted that description, including Dan Burn, Kieran Trippier and Bruno Guimaraes, who arrived when the club were in deep relegation trouble in 2022.
Three of Newcastle's most expensive additions this summer - Woltemade, Wissa and Anthony Elanga - did not think twice once they learned of the club's interest.
Malick Thiaw also did not require much convincing to follow in the footsteps of Sandro Tonali and leave AC Milan for Newcastle.
Germany defender Thiaw had been in a training camp in the Lake District a few weeks before his £35m move went through when the subject of Newcastle came up.
Paul Winsper, a high performance consultant, who previously worked for Newcastle, was on hand to offer his thoughts.
"We all stayed in the same house," Winsper said. "We joked about it - 'Come on. Join Newcastle!'
"He asked, 'What's it like?' I said, 'Amazing.'
"I lived in the US for 16 years and I had always had this yearning to come back to the North East and be back in my roots.
"It was great to be able to sell the North East a little bit to Malick and let him know what an amazing place it is. I later got a text from him saying, 'It's done. I'm in.'"
More boardroom changes on cards
This was one of a series of deals Newcastle agreed without a sporting director or CEO.
Sporting director Paul Mitchell left the club in June while CEO Darren Eales handed in his notice last autumn after being diagnosed with a chronic form of blood cancer.
So it fell to head of recruitment Steve Nickson and assistant head of recruitment Andy Howe to take on additional responsibilities alongside co-owner Jamie Reuben.
Given the upheaval at boardroom level, and the challenging start to the window, recruiting six first-team players felt like a distant prospect at one point.
And Eddie Howe was the first to admit that the absence of a sporting director and CEO created an "unusual dynamic" as Newcastle "tried to make the best of the situation".
Filling these positions will be crucial for the windows to come and Newcastle intend to do so having already hired a technical director, Sudarshan Gopaladesikan, to report into Mitchell's successor and lead the club's football data operations.
Mitchell's assertion that Newcastle's recruitment processes were "not fit for purpose" understandably dominated headlines a year ago, but he also made a nuanced point about how clubs who were even more data-informed prospered last summer.
That was not lost on Newcastle and it is understood the club's pursuit of Gopaladesikan stretched back to last autumn, but Atalanta did not want to lose their director of football intelligence.
Yet it was rather telling that Newcastle were prepared to wait until July for a figure who is "not your typical" technical director in the words of Steve Barrett, the vice-president of sports performance at Playermaker.
"He's one of the smartest people I've ever met," Barrett said. "His passion and enthusiasm for the game is relentless. He's a perfect fit for what Newcastle represents."
Gopaladesikan is only in his early thirties, but the American mathematician has already had spells at Atalanta and Benfica, and he also worked with Real Madrid and Borussia Dortmund during his time as a product manager at Microsoft.
Given the intense competition Newcastle faced for top targets, this feels like a timely appointment - even if recruitment will be just one aspect of Gopaladesikan's wide-ranging role.
"There might be some eyebrows raised at certain kinds of targets but they will fit a really good specific model that may surprise the fans," Barrett said. "He can help find really good value in players that might not necessarily be the normal fit, but be hidden gems for Newcastle."
'Allows them to reinvest very well'
So where does this summer leaves Newcastle moving forward?
That question will be answered on the field in the coming weeks and months as Howe's side attempt to fight on four fronts following the additions of Woltemade, Wissa, Elanga, Thiaw, Jacob Ramsey and Aaron Ramsdale.
But what about off it?
Well, football finance expert Kieran Maguire has likened the sale of Isak to when Aston Villa sold Jack Grealish to Manchester City in 2021 for what was also a British record at the time, a £100m deal.
"Newcastle were out of the woods from a PSR point of view, but this will certainly help them satisfy the Uefa squad cost rules because player sale profits go into the equation when you're working out your 70% wages-to-revenue line," Maguire said. "That will allow them to reinvest very well.
"It will give them that financial flexibility that they didn't have 12 months ago when they were forced to do nothing for a couple of windows. You don't want that repeating, especially when the club are ambitious and aspirational."
Before his car crash, the former mayor of New York City was taking in a minor-league baseball game in Manchester, N.H., a city where he’s been known to enjoy a good cigar.
The price of gold has hit a record high as demand for the precious metal remains strong amid global economic uncertainty.
The spot gold price hit $3,508.50 per ounce early on Tuesday, continuing its upwards trend which has seen it rise by nearly a third this year.
The precious metal is viewed as a safer asset for investors during times of economic uncertainty, and its price rose earlier this year after US President Donald Trump announced wide ranging tariffs which have upset global trade.
Analysts say the price has also been lifted by expectations that the US central bank will cut its key interest rate, making gold an even more attractive prospect for investors.
Adrian Ash, director of research at BullionVault, told the BBC's Today programme that the rise in gold prices over the past few months is really down to Trump and "what he's done to geopolitics [and] what he's done to global trade".
"It was really the US election last year that really put a fire under it," he said.
Analysts also cite worries over the independence of the US central bank, the Federal Reserve, as another factor driving the gold price.
Trump has launched repeated attacks on the Federal Reserve's chair, Jerome Powell, and recently attempted to fire one of its governors, Lisa Cook.
Derren Nathan from Hargreaves Lansdown said it was Trump's "attempts to undermine the independence of the Federal Reserve Bank" that was "driving renewed interest in safe haven assets including gold".
On Monday, the head of the European Central Bank Christine Lagarde warned that if Trump were to undermine the independence of the Fed, it would represent a "very serious danger" to the global economy.
She said if the Fed was forced to respond to Trump's politics, it would have a "very worrying" impact on economic stability in the US, and therefore in the rest of the world as well.
Mr Ash added that when the price of gold surges because of investor interest, it was usually tempered by a slowdown in buying from China and India - two of the biggest markets for gold jewellery.
But this time, he said gold was continuing to find demand in China and India as, rather than exiting the market during times of high prices, jewellery buyers turn towards buying investment gold products such as bars or coins.
The Russian and Chinese leaders drew on a shared view of their countries’ roles in World War II to cast their modern-day partnership as a challenge to the West.
The Russian and Chinese leaders drew on a shared view of their countries’ roles in World War II to cast their modern-day partnership as a challenge to the West.
Lawmakers are continuing their inquiry into Mr. Epstein, the disgraced financier, despite the Trump administration’s efforts to quell public demand for information.
Representative James Comer, Republican of Kentucky, has issued a subpoena to the Department of Justice and to Jeffrey Epstein’s estate for documents related to his case.
President Trump’s announcement came days after Rudolph W. Giuliani, previously his lawyer and a New York City mayor, was hurt in a car accident. The medal is the nation’s highest civilian honor.
Rudolph W. Giuliani, a former mayor of New York City, advised President Trump during his 2016 presidential campaign and served as his lawyer during his first term.
London Assembly member Zack Polanski has been elected leader of the Green Party of England and Wales by a landslide.
Polanski beat joint candidates, the Green MPs Adrian Ramsay and Ellie Chowns, by 20,411 votes to 3,705.
The result was greeted by whoops and cheers, with Polanski promising in his victory speech to "work every single day to grow this party" and paying tribute to his defeated rivals.
Polanski, a former actor who was the party's deputy leader, campaigned on an "eco-populism" platform and has promised to make the party "bolder" in its approach.
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Scotland has seen high numbers of people dying from drug misuse for the last seven years
Figures to be published on Tuesday are expected to show that Scotland remains the drugs death capital of Europe for the seventh year in a row.
In 2023, there were 1,172 drug misuse deaths in Scotland, bringing the total in a decade to 10,481, according to official figures.
Although experts expect that number to have dropped slightly for 2024, they are warning that any fall will almost certainly be a blip.
Kirsten Horsburgh, chief executive of the Scottish Drugs Forum says the arrival of deadly synthetic opioids known as nitazenes in the country is "a crisis on top of a crisis."
This is a crisis with deep roots in the social and economic changes which swept through Scotland in the latter half of the 20th Century as the country's economy shifted away from manufacturing.
When the shipyards, steel mills and collieries fell silent, they left a generation of men, whose pride and identity had been bound up with the things they made, struggling to adapt.
Society changed rapidly too. The old city slums were cleared, but many people were moved to damp, isolated tower blocks with limited amenities.
It was a recipe for joblessness, family breakdown and addiction.
In 1972, in a famous speech at the University of Glasgow, the trade unionist Jimmy Reid said Britain's "major social problem" could be summed up in one word - alienation.
Men, he said, viewed themselves as "victims of blind economic forces beyond their control" leading to a "feeling of despair and hopelessness that pervades people who feel with justification that they have no real say in shaping or determining their own destinies."
Getty Images
Trade unionist Jimmy Reid speaks to the press at the Marathon oil rig yard in Clydebank in 1976
One way alienation found expression, said Reid, was in "those who seek to escape permanently from the reality of society through intoxicants and narcotics."
Half a century after his speech, Scotland is still grappling with alienation and still struggling with the scourge of alcohol and drugs.
High unemployment in the 1980s was followed by cuts to public spending after the financial crash of 2007/8 and the skyrocketing cost of living this decade.
By 2023, people in the most deprived parts of Scotland were more than 15 times more likely to die from drug misuse than those in the richest areas.
For many years this was a particularly male problem.
In the early 2000s, men were up to five times more likely to die of an overdose than women although that gap has since narrowed considerably.
As demand for drugs rose, so did supply. From 1980, heroin from Afghanistan and Iran began to arrive in Scotland in large quantities, with deadly results.
The sharing of dirty needles by injecting drug users and the arrival of HIV led to a public health crisis which was graphically depicted in Irvine Welsh's 1993 novel, Trainspotting, and its film adaptation.
'Drugs are becoming normalised'
Drug overdoses are not the only evidence that Scotland is experiencing a crisis related to alienation. Other so-called deaths of despair are also high.
These too are often linked to poverty. In 2023, deaths directly caused by alcohol were 4.5 times higher in the most deprived areas of Scotland than in the least deprived.
Taken together, says Annemarie Ward, of the charity Faces and Voices of Recovery UK, Scotland has a "penchant for oblivion".
Annemarie Ward said taking illegal drugs was becoming normalised
Illegal drugs, she argues, have become part of the national culture.
"It's become normalised," she said. "I don't think we have to accept that normality."
Of course, deprivation and despair are not unique to Scotland and do not on their own amount to a sufficient explanation for its crisis.
Various other theories have been put forward including the existence of a macho, hard-partying culture; a reluctance, especially among men, to seek mental health support; and even the country's long, dark winters.
Another suggestion is that years of substance abuse are now catching up with the ageing Trainspotting generation - although this is disputed.
Another potential explanation is the ripple effect of trauma.
When more than 1,000 people are dying every year in a small country, the implications for their families and friends are enormous and potentially catastrophic.
Dr Susanna Galea-Singer said people seeking treatment for drug addiction have often experienced trauma
Nearly "every person who seeks treatment has been traumatised in some way," says Dr Susanna Galea-Singer, chair of the Faculty of Addictions at the Royal College of Psychiatrists in Scotland.
"You get social fragmentation when you have aspects of poverty, aspects of trauma," said Dr Galea-Singer.
"You burn bridges with families, it's just extremely difficult. It does fragment society."
Trauma might explain a high or even rising level of drug deaths but even it does not adequately account for a dramatic jump in the numbers a decade ago.
There appear to be two main reasons for the surge in deaths at that point.
Kirsten Horsburgh, CEO of the Scottish Drugs Forum, warned of the deadly impact of synthetic opioids
"We saw the start of a really sharp increase in drug-related deaths," said Kirsten Horsburgh of the Scottish Drugs Forum.
"There's no doubt that cuts to funding in this area reduces the amounts of services that people can access, reduces the staff that are able to support people and results in deaths."
Ministers later boosted resources as part of a five-year "national mission" to tackle the drugs emergency, only for funding to fall again in real terms in the past two years.
The 2015 cuts were "a disaster," said Ms Horsburgh. "Even with increased resource as part of the national mission, we can see it's still not enough.
"We can't just have small pilots of projects to address a public health emergency.
"We would not do that for any other public health emergency. We did not do that for Covid. We should not be doing that for the drug deaths crisis."
The second big change came around the same time as drug services were being cut.
Street drugs being sold as valium have been blamed for causing more drug-related deaths
These blue pills were a fake and powerful version of the anti-anxiety medication, Valium, and they were deadly.
Nicola Sturgeon, who was First Minister at the time, would later admit that her SNP government had taken its "eye off the ball" as deaths rose.
How to tackle the issue now remains contentious.
Many public health experts support a harm reduction approach involving the provision of substitute drugs such as methadone, clean needles, and a drug consumption room which has been set up in Glasgow.
"Harm reduction has to be the core of any effective evidence-based drugs policy approach," said Ms Horsburgh of the Scottish Drugs Forum.
Annemarie Ward of Faces and Voices of Recovery UK agreed that harm reduction should be part of the mix but said the balance needed to tilt towards rehabilitation.
"When government ministers talk about treatment in Scotland, what they're talking about is harm reduction," she said.
"When the general public hears the word treatment, they're thinking detox, rehab, people getting on with their lives."
Ms Ward also wants a shift away from NHS provision of drugs services in favour of organisations, such as her charity, which focus on rehabilitation and recovery.
"Our treatment system is delivered through the public sector, which means it's incredibly bureaucratic. So you can't just walk into a service and get seen that day, for instance, the way you can in England."
Ms Horsburgh and Ms Ward may have different priorities for tackling the crisis but both agree that it is almost certainly about to get worse.
"Nitazenes are a whole new ball game," warns Ms Ward.
"These are the synthetic opioids that are 100 times stronger than your average hit of heroin, and they're also ending up in the coke supply."
She predicts an exponential rise in deaths "unless we start to help people get clean and sober again."
If that is the case, it appears Scotland has not yet got to grips with this emergency.
The causes of the drug deaths crisis are multiple and complex.
But the fear is that they are producing a cumulative and compounding effect from which it is proving almost impossible to escape.
The price of gold has hit a record high as demand for the precious metal remains strong amid global economic uncertainty.
The spot gold price hit $3,508.50 per ounce early on Tuesday, continuing its upwards trend which has seen it rise by nearly a third this year.
The precious metal is viewed as a safer asset for investors during times of economic uncertainty, and its price rose earlier this year after US President Donald Trump announced wide ranging tariffs which have upset global trade.
Analysts say the price has also been lifted by expectations that the US central bank will cut its key interest rate, making gold an even more attractive prospect for investors.
Adrian Ash, director of research at BullionVault, told the BBC's Today programme that the rise in gold prices over the past few months is really down to Trump and "what he's done to geopolitics [and] what he's done to global trade".
"It was really the US election last year that really put a fire under it," he said.
Analysts also cite worries over the independence of the US central bank, the Federal Reserve, as another factor driving the gold price.
Trump has launched repeated attacks on the Federal Reserve's chair, Jerome Powell, and recently attempted to fire one of its governors, Lisa Cook.
Derren Nathan from Hargreaves Lansdown said it was Trump's "attempts to undermine the independence of the Federal Reserve Bank" that was "driving renewed interest in safe haven assets including gold".
On Monday, the head of the European Central Bank Christine Lagarde warned that if Trump were to undermine the independence of the Fed, it would represent a "very serious danger" to the global economy.
She said if the Fed was forced to respond to Trump's politics, it would have a "very worrying" impact on economic stability in the US, and therefore in the rest of the world as well.
Mr Ash added that when the price of gold surges because of investor interest, it was usually tempered by a slowdown in buying from China and India - two of the biggest markets for gold jewellery.
But this time, he said gold was continuing to find demand in China and India as, rather than exiting the market during times of high prices, jewellery buyers turn towards buying investment gold products such as bars or coins.
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