Pawnbroker Ramsdens has significantly upgraded its annual profit forecast, attributing the boost to record levels of lending as consumers increasingly turn to their jewellery for cash amidst soaring gold prices.

The lender and retailer noted the precious metal’s higher price was driving demand and bolstering profits.

Pawnbroking lending hit record levels in February, continuing into March, and boosting its loan book by 18 per cent since the financial year ended in September.

Ramsdens’ service allows individuals to secure loans against jewellery or watches.

The company also purchases unwanted items for resale in stores, online, or to bullion dealers. Furthermore, revenues from its jewellery shops climbed by approximately a quarter year-on-year.

It comes as the price of gold has rallied to reach record highs at points during 2026, as investors sought refuge during global geopolitical uncertainty, conflict and worries about tariffs.

The most recent spike occurred at the beginning of March following the escalation of conflict in the Middle East, with gold hitting around $5,400 (£4,040) an ounce.

The average gold price for the year-to-date is about 50 per cent higher than last year,  and the geopolitical and economic climate could mean it remains elevated throughout the months ahead, Ramsdens said.

The London-listed business told investors that owing to stronger trading in the first five months of its financial year and the outlook for gold prices, it was now expecting to make an annual pre-tax profit of at least £24 million, which could rise to as much as £28 million.

Analysts had previously been forecasting a profit of £21.1 million for the year to the end of September.

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Chief executive Peter Kenyon said: “In addition to underlying progress across the business, we continue to benefit from the high gold price, which is significantly boosting both customer demand and profits within our purchase of precious metals segment.”

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Russ Mould, investment director for AJ Bell, said: “This is the second profit forecast increase of 2026, following on from February’s trading update, and means Ramsdens is now on track to post record annual earnings in the 12 months to September 2026.

“The good news is it is not just the soaring gold price that is doing the heavy lifting.

“Ramsdens reports strong sales of jewellery and rapid growth in the pledge book at the pawnbroking operation, while the foreign currency exchange business seems steady, although there remains a chance that the conflict in the Middle East has an impact there at some stage.”

Ramsdens’ shares jumped by about a tenth on Wednesday.

BHP has named Brandon Craig as its new chief executive to replace Mike Henry at the helm of the world’s largest mining company.

Mr Craig, who is currently BHP’s Americas boss, will start on July 1, when Mr Henry steps down after six-and-a-half years in the role.

The Australian mining giant – which switched its main listing from London to Sydney in 2022, but retained a standard listing in the UK – said Mr Henry had helped the firm establish itself as the world’s biggest copper producer.

But he also presided over two failed attempts to buy rival Anglo American to further bolster its copper portfolio, last November walking away from a deal just 18 months after its previous ill-fated approach.

Former FTSE 100 company BHP had looked to muscle in on the agreed mega-merger between Anglo and Canadian rival Teck Resources before pulling out.

Ross McEwan, BHP chairman and former NatWest chief executive, said Mr Craig’s “discipline and focus” would help him drive the group’s strategy forwards.

“We would like to recognise the outstanding contribution of Mike Henry to BHP as chief executive,” he added.

“Under his leadership, BHP has transformed into a safer and more productive company, financially strong and sharply focused on shareholder value and social value.”

Mr Craig has worked at BHP for more than 25 years, having joined in 1999.

Before his current role, he also previously led the group’s Western Australia iron ore business.

He will take on the chief executive role with a 1.9 million US dollar (£1.4 million) annual salary, plus benefits, with the potential for cash and share awards worth up to a maximum of 6.8 million dollars (£5.1 million) each year and possible long-term incentive share awards of up to 3.8 million dollars (£2.8 million) a year.

Mr Craig said: “It is an honour and privilege to succeed Mike Henry as chief of BHP.

“Thanks to his leadership, BHP is well positioned for the future.

“Mike will be remembered for his strategic decision-making, portfolio transformation, operational excellence and focus on safety and high-performance culture.”

Outgoing boss Mr Henry said: “It has been a privilege to serve as chief executive of BHP and to have worked with so many truly talented people. I am proud of what we have achieved together.”