While the Office for Budget Responsibility suggested a mixed outlook for the wider economy, the tax picture for precious metals investors remains largely unchanged as a result of the Budget. There are no changes to Capital Gains Tax rates or thresholds for most investors, and no change to VAT on precious metals, so products such as Digital Silver and Digital Platinum remain VAT-free.

The OBR has pointed to slower growth, persistent inflation and elevated public debt. When the outlook is this hard to predict, it's no surprise that investors look to diversify.

Gold has a long history as a store of value. It isn't tied to the fortunes of a single government or company, and demand is shaped by developments well beyond the UK. Its price can fall, so it's not a guaranteed hedge, but for investors thinking beyond short-term market movements, it can be a way to hold part of their wealth outside traditional financial assets.

Silver could be a quiet winner from the Chancellor's push for sovereign AI. Data centres rely on silver's exceptional electrical conductivity, so building them here in the UK could support demand.

For platinum, the Government has scrapped the Gas Shipper Obligation levy and will fund hydrogen projects directly. Platinum is a key catalyst in producing green hydrogen, so that renewed backing may be welcome news for anyone holding platinum bullion.

It’s clear that investors are still looking for assets that hold their place in a portfolio for the long term. Gold, silver and platinum each offer something different, and that's why precious metals continue to earn their place in a long-term strategy.

Stuart O’Reilly, Private Wealth Consultant at The Royal Mint