The Mint saw a 26% annual jump in the volume of gold investments made last year, while gold bar investments were up 33.5% over the same period.

The surge was driven by Generation Z and Millennial customers, with purchases from those groups up by 38% and 29% respectively.

Generation Z are those born in the late 1990s or the early 2000s, while millennials were born between the early 1980s and the late 1990s, with the oldest becoming adults around the turn of the millennium.

The figures come as consumers cut back on spending due to the cost of living crisis.

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According to a survey of more than 2,000 UK investors, nearly a quarter (23%) are looking to invest in gold this year.

When asked about the investments they were planning this year, gold was the second-most popular after stocks and funds.

And 16% of investors who had not previously invested in precious metals before were planning to do so in the future.

The survey was commissioned by the Mint and carried out by Censuswide.