Warning as pandemic sparks gold price rise

Householders in Sunderland are being warned that jewellery is becoming a prime target for burglars - as the pandemic pushes up the price of gold.

R u p e r t Wa i l e s - Fa i r - bairn, of North East-based high net worth insurance broker Lycetts, says a sharp rise in the price of gold – which topped £1,527 an ounce on the international m a rket s fo r th e first time during the pandemic – means that many homeowners may be unaware of the true value of their collections.

The warning comes after new crime figures revealed jewellery was the second most targeted item in household burglaries in the last year – stolen in 32% of incidents.

Of the 248,633 residential burglaries recorded in this period, 11,780 took place in the North East – 5,061 break-ins in Northumbria, 3,941 in Cleveland, and 2,778 in Durham.

M r Wa i l e s - Fa i r b a i r n s a i d : “T h e p r i c e o f go l d has been steadily rising in recent years and its value spiked significantly during the coronavirus pandemic. “Prices of other precious metals, including silver, have also risen sharply since the start of this year.

“Householfers may be unaware that the value of their jewellery h a s i n c rea s e d ove r recent months – but they could suffer significant financial loss, or even a rejected claim, if these items are stolen.

“In today’s volatile markets, it is even more imp e r at i v e t h a n e v e r t h at homeowners ensure they regularly review the value of their jewellery, and inform their insurance provider of any changes.”