Experts issue warning to everyone with jewellery in their home amid soaring gold prices

EXPERTS have warned everyone with jewellery in their home as rising gold prices spark security concerns across the UK.

Gold prices have soared to record highs of over £2,650 per ounce, making jewellery and other gold valuables a more tempting target for thieves across the UK.

Because gold is portable, easy to resell, and now more valuable than ever, both insurers and experts are urging households to reassess their security and insurance arrangements or consider alternative investments. 

Earlier in the year, Admiral Home Insurance advises policyholders to update valuations and ensure items above policy limits are individually listed, or risk being underinsured if stolen.

Rising gold prices may also mean previously insured jewellery is no longer covered without a policy review.

Scott Gallacher, Director at Leicester-based Rowley Turton, said thieves will target jewellery that is rising in price.

He said: "If you want exposure to gold, you don’t need to keep jewellery at home. With prices at record highs, gold is an obvious target for thieves, so holding lots of jewellery carries risks.

“A simpler and safer way is through gold funds that track the price without the security worries. For most people though, well-diversified ISAs and pensions are still the best place for long-term investing.”

Riz Malik, Director at Southend-on-Sea-based R3 Wealth, gave some practical advice.

He said: "If you keep a large amount of gold at home, make sure your security is watertight. Metrobank still offers safety deposit boxes, unlike most other banks, which have pulled out in recent years.

“Photograph, film, measure, and weigh your gold, and check your insurance cover is up to date, especially the single item limit, which may not reflect gold’s recent surge in value.”