Harrod’s Offers Gold Bars For Sale

In: Financial

16 Oct 2009

Glittering bait for the well-heeled shopper: Harrods department store has added gold bars to its merchandise line.

The store announced yesterday that it has joined with Swiss refiner Produits Artistiques Metaux Precieux to offer

Harrods offers gold bullion bars for sale off the shelf.

Harrod's offers gold bullion bars for sale off the shelf.

gold bars weighing 27.5 pounds (12.5 kilograms). The move comes as gold prices have been going through the roof. On Wednesday, they hit another record high of $1,072 an ounce.

Based on yesterday’s afternoon gold fixing price in New York, a gold bar would cost about $462,440. Customers can buy the gold through Harrods financial arm Harrods Bank, which is located in the central London’s department store.

Chris Hall, the head of Harrods Gold Bullion, says the financial environment has kindled new demand for physical gold amongst British private investors.  Many investors believe it is currently safer to invest in gold than in stocks, property, or currencies.

Mehdi Bakhordar, managing director of Produits Artistiques Metaux Precieux, said Harrods was the only location in London where investors could buy a 27.5 pound (12.5 kg) gold bar “off the shelf.”

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