Bank of England's interest rate hike impacts gold and food inflation amidst Brexit uncertainty.
TL;DR Summary
The Bank of England has raised its interest rates by 25 basis points to 4.25% in an effort to bring inflation down to its 2% target. The central bank has also stated that it is not ruling out further hikes if inflation rises. Gold prices are currently stuck in neutral against the British pound due to the Bank of England's relatively hawkish stance, causing gold to significantly underperform against the pound.
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