Gold prices down against British pound, reflecting broad market weakness after BoE raises interest rates by 50 basis points

Thursday, the Bank of England announced that it raised the Bank rate to 5%, up from 4.50%. The move was more hawkish than expected as markets were pricing in a 25-basis point hike.

“The MPC recognises that the second-round effects in domestic price and wage developments generated by external cost shocks are likely to take longer to unwind than they did to emerge. There has been significant upside news in recent data that indicates more persistence in the inflation process, against the background of a tight labour market and continued resilience in demand,” the central bank said in its monetary policy statement.

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