By Sarah Taaffe-Maguire, business and economics reporter

Only yesterday we were talking about sharp falls in metal prices after Donald Trump revealed his nomination for chair of the US central bank.

But today gold is on course for its biggest daily gain since 2008 - and silver has risen nearly 9% so far. 

It appears the price drop encouraged investors to buy, which in turn pushed the value up. 

Precious metals reached all-time highs throughout January amid geopolitical and economic uncertainty and threats to the Federal Reserve's independence, boosting demand for investments like silver and gold, seen as safe havens. 

Mining companies have benefited this morning, with the top four biggest risers on the London Stock Exchange all mining giants. 

The pound could hit a six-month high against the euro this week. After rising over the past few weeks, a pound is hovering just below €1.16. Less than a week ago, you'd get €1.14.

City centre flats are quickly becoming "the sub-prime assets of the UK housing market", according to experts.

Brokers say more first-time buyers are skipping the first rung of the property ladder and buying homes they can grow into, rather than quickly grow out of.

This, experts say, is due to a combination of:

• Improving affordability;
• Growing awareness of the costs around moving;
• Issues with leasehold properties. 

Justin Moy, managing director at EHF Mortgages, says he is seeing a definitive trend: "It's now crystal clear that more savvy first-time buyers are looking beyond traditional starter homes, such as flats, and setting their sights on houses as they are able to benefit from improved affordability. 

"This also enables them to bypass expensive stamp duty and other moving costs associated with repeated buying and selling.

"Gone are the days of moving every two or three years to climb the property ladder. The market is starting to see a significant shift in buying habits."

'A mug's game'

Kundan Bhaduri, portfolio landlord at The Kushman Group, warns the value of city centre flats could come under pressure if the current shift in buying habits continues.

He said: "Buyers have done the maths on the transactional friction of moving, namely stamp duty, legal fees and estate agent commissions, and realised that moving every three years is a mug's game in a high-tax economy.

"This shift spells disaster for the valuation of city centre flats, which are rapidly becoming the sub-prime assets of the UK housing market."

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In this week's newsletter, we look at the drawbacks of using the "pay by bank" option offered by major companies including Ryanair and Just Eat (and many more).

Also in Friday's newsletter:

• Love steak? We give you early access to our latest "Buy like a pro" feature on what to look for when buying a cut;
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Every Tuesday, we get an expert to answer your financial problems or consumer disputes - you can WhatsApp us here or email moneyblog@sky.uk. Today's is...

I have a Grundig washer/dryer, which I've owned from new. Around two years into its three-year warranty, the machine failed, burning and shrivelling a full load of clothes. This was fixed under warranty. The engineer was advised the fault was with a thermostat and that the machine was tested and all good to use again. To my shock, the machine burnt and shrivelled the next load of clothes too. A second engineer visited and said the fault was due to the fascia sticking, meaning buttons were being pressed during the cycle through vibrations. He said it was fixed, checked for no further faults, tested and good to go. Not long after, you guessed it... the machine burnt and shrivelled a load of clothes again. The engineer took the machine apart and found faulty wiring within the unit, saying it was a miracle the machine hadn't faulted sooner. Only the third engineer took the machine apart in full to inspect all the root causes, so all this was avoidable. I have now had £1,000 of clothes and bedding damaged beyond repair, all as a direct result of a faulty machine under warranty. I have called Grundig more than a dozen times, never had a manager call-back as promised and have had no compensation. 

Benji, Peterborough

Hi Benji. You and I have exchanged many emails over the past few months as I've sought answers on your behalf from Grundig (via its owner Beko), a process I've found pretty frustrating myself.

Beko told me the delay in finding you a resolution was partly down to their merger process and integrating systems at Hotpoint and Beko. It seems evidence you provided could no longer be located.

The spokesman said the company was not making excuses - it was sorry and would now get back in touch with you to find a solution.

Since those first emails in mid-November, you heard from the Grundig customer service team, which asked you for photos of the damaged clothes.

You sent those the same day - you showed me the emails. Yet Beko kept insisting it hadn't received anything. Long story short, the company's email infrastructure seems unable to cope with basic tasks such as delivery of a photo, even via a link. We finally got round this when the press officer I'd been talking to agreed I could send the photos to his personal email address.

Here's one of them...

After receiving the photos, Grundig customer services sent you an email which you forwarded to me. It read...

Having carefully considered the information available, we note that heavy creasing in clothing is not a permanent condition and can commonly be rectified through several processes, including professional dry cleaning. Based on the images provided, the items do not appear to be structurally compromised by the creasing observed, and the decorative transfers and materials appear free from defect.

They offered you what they described as a goodwill gesture of £250 "as a contribution towards the professional rectification of the creasing identified".

You wrote back...

This is clearly inaccurate. The clothes were burnt in the wash, ruining lettering and logos, and wholly altering the fabric beyond repair. Others were discoloured. There was no amount of ironing, pressing or cleaning that could return the clothes to their original state. Whilst I appreciate you making an offer, it is far below the value of the damage caused and the amount I am entitled to claim. 

You counter to their offer was:

• Damage costs: £968
• Machine refund: £529
• Total claim: £1,497

That's where we are now, with Beko telling me "we remain in dialogue with Mr Deane to resolve his claim".

They have told me your claim for the washing machine has been rejected as it is three years old, so outside the two-year manufacturer warranty period.

That, as regular readers will know, is not a sustainable position give the Consumer Rights Act gives you an implied warrant for up to six years.

So what can you do?

For this I spoke to consumer disputes experts Scott Dixon.

"You could continue to pursue Grundig and demand a remedy, including full compensation for the ruined clothes and bedding," he said.

"Section 49 of the Consumer Rights Act 2015 states that a trader must perform the service with reasonable care and skill. Grundig have clearly failed this test."

If this doesn't work, he suggests switching your attention from the manufacturer to the retailer.

"Go back to the retailer and say they are in 'breach of contract' under the Consumer Rights Act 2015 for selling you a faulty washer dryer."

Because you bought the machine more than six months ago, the onus would be on you to prove the goods had inherent faults at the point of purchase. 

"An independent report from a reputable professional in that field would suffice as evidence," said Dixon.

"And this isn't necessary in your case as the manufacturer has confirmed it's a manufacturer's fault."

Dixon went on: "Put your complaint in writing with all evidence clearly stating the fault, a timeline, evidence of failed repairs and receipts or proof of purchase for the product and your losses.

"The remedy would be a refund and compensation for the ruined bedding and clothing, although they are entitled to make a 'fair use' deduction for the time you have owned it."

Losses

There are two types of losses in cases like this

1. Direct loss

These are losses that naturally result from a breach or could reasonably have been foreseeable at the time of purchase.

"In your case, the ruined clothing and bedding are clearly a direct and foreseeable loss caused by the faulty washer dryer," said Dixon.

"Grundig has confirmed the faults were inherent when you bought the defective appliance, so you are entitled to be compensated for these losses."

2. Indirect loss

These are losses that occur as a knock-on effect of the breach, rather than directly from it. They are only recoverable if the loss was reasonably foreseeable at the time of the contract, meaning the retailer knew, or ought to have known, that you would incur such losses.

"Other issues, such as time spent trying to resolve your complaint or dealing with poor customer service, are usually dealt with by a goodwill gesture," said Dixon.

Going to court

If all the above fails, Dixon says you could take your case against the retailer to the small claims court if it is in England, or follow the simple procedure in Scotland. 

"Although you can technically take Grundig to court for breaching the terms and conditions of the warranty, your strongest legal rights are against the retailer under the Consumer Rights Act 2015 because that is who your contract is with," he said.

"Before you file a claim, send screenshots of the draft court papers setting your case out and demanding a refund within seven days. Tell the firm that if they fail to do so, you will lodge a claim in the small claims court," said Dixon, adding that this often does the trick without having to follow through on the threat.

One alternative route

"You should always pay by credit card if possible, as this gives you additional free protection and holds the card provider jointly liable under Section 75 of the Consumer Credit Act 1974 for purchases over £100 and up to £30,000 if there has been a breach of contract or misrepresentation," Dixon said.

This feature is not intended as financial advice - the aim is to give an overview of the things you should think about. Submit your dilemma or consumer dispute via:

• WhatsApp here
• Or email moneyblog@sky.uk with the subject line "Money Problem"

We start each Monday with our What it's really like to be a... feature that delves into different careers - and we're signing off today with a reminder that you can catch up with the entire series here...

It's a "near certainty" that the Bank of England will hold interest rates at 3.75% on Thursday, experts predict.

Bank policymakers are set to make their first decision of the year after a small rise in inflation.

The Consumer Prices Index was up 3.4% in December - a jump from the 3.2% recorded in November.

"Keeping bank rate unchanged at 3.75% at this week's meeting looks a near-certainty," says Matt Swannell, chief economic adviser to the EY ITEM Club forecasting group.

"Some of the MPC doves that favoured a cut in December still harbour some concerns around sticky wage growth and inflation.

"Although the data over the last few weeks has tilted in a slightly dovish direction, this does not appear to be anywhere near enough to prompt a majority of the MPC to favour back-to-back cuts."

Edward Allenby, senior economic advisor at Oxford Economics, forecast the next rate cut to come in April.

"The MPC will continue to face a delicate balancing act between supporting growth and preventing inflation from becoming entrenched, with forthcoming data on pay settlements likely to play a decisive role in shaping the next policy move."

Smart meter customers facing delays or failed installations could receive £40 compensation from this month.

Ofgem says households will automatically receive £40 when they have to wait more than six weeks for a smart meter appointment, an installation appointment fails due to a fault within the suppliers control, or when a supplier does provide a resolution plan for a reported issue within five working days.

Melissa Giordano, deputy director of systems and processes at Ofgem, said: "Smart meters offer customers accurate bills, cheaper tariffs, and real-time energy use tracking.

"Every customer who wants a smart meter should get one quickly, and it should work from day one.

"These new rules will set clear expectations of suppliers, drive better performance, and protect consumers when things go wrong."

British petrol stations must now make their pump prices available online so drivers can choose the cheapest.

New mandatory government rules mean forecourts have to report price changes within 30 minutes to its Fuel Finder scheme.

This type of scheme has previously been touted as having the potential to save motorists £4.50 per tank within a five-minute drive by the Competition and Markets Authority.

Chancellor Rachel Reeves said last year it could save the average household £40 a year. 

"We hope this is the start of the journey to cheaper fuel prices around the UK," said Simon Williams, head of policy at RAC.

"The government has set up this scheme with the intention of increasing competition among retailers to give drivers better value at the pumps."

While the data is available to anyone, it isn't available in a consumer-friendly format.

Its intended use is for comparison websites and app developers, allowing them to inform drivers of the cheapest fuel near them, including via sat-nav.

The average fuel price per litre stands at:

• Unleaded: 131.8p
• Diesel: 140.88p
• Super unleaded: 148.67p
• Premium diesel: 161.5p

Social media has changed pretty much every career - and music is no different. Influencers play a huge role in the music industry today, meaning there is potentially a lot of money to be made.

In this episode of New Money, Sky's James Lillywhite meets up-and-coming music influencer Will Gamble. Will has been doing this full-time for less than two years, but regularly interviews big names including Nick Jonas, Machine Gun Kelly and Finneas.

We go behind the scenes with him at Reading Festival to find out how his job works, how he makes a living from it and what impact people like him are having on music journalism.

The drinks industry is warning it will "have no choice but to increase prices" after a new rise in alcohol duty rise took effect over the weekend.

Chancellor Rachel Reeves confirmed in November's autumn budget that alcohol duty would rise in line with Retail Prices Index (RPI) inflation.

The tax charged on alcoholic drinks has increased by 3.66% and, although it's manufacturers who pay, industry chiefs warn there may be a "trickle down" effect to shoppers.