India, Feb. 18 -- Multiple prominent banks are transporting their gold to New York City from the Bank of England's vaults in London where they were stored, due to gold prices rising to record highs in the US compared to the UK.

The price rise came as investors flocked to the safe haven asset due to fears that President Donald Trump is going to start a trade war.

JPMorgan and HSBC are two of the biggest names flying their gold to the US with Citigroup planning to join soon as well, according to a report by The Wall Street Journal which added that this is to cover losses on short positions.

The nine vaults in London's Threadneedle Street hold hundreds of tonnes of the precious metal, valued over £200 billion ($252 billion). This is ...