Harrods Now Selling Gold Bars

London emporium offers bullion to luxe-loving shoppers
By Jason Farago,  Newser Staff
Posted Oct 15, 2009 5:05 AM CDT
Gold standard bars are piled up at the gold smelter company Argor-Heraeus in Mendrisio, Switzerland.   (AP Photo/Keystone, Karl Mathis, file)
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(Newser) – The world's most over-the-top department store has taken bling to a new level. Beginning today, shoppers at Harrods, the London emporium owned by Egyptian billionaire Mohamed al-Fayed, can buy gold bars and coins over the counter. The store has teamed with a Swiss bank to arrange for customers to purchase the precious metal, now at $1,072 an ounce, "off the shelf."

"The financial environment has kindled a new demand for physical gold among private investors," said a Harrods exec. "For many people this is a new and unfamiliar asset class that demands absolute trust. Until now, London has had no well-recognized name serving this market."