Interest Rates COULD be on the up!
The gold spot price fell by just over 1% in an hour on Thursday afternoon, after the Bank of England kept interest rates on hold, but warned that an increase was likely if inflation continues to surge. Gold dropped to its lowest level for more than a week to £990.65 t/oz from a high of £1,004.74 on Thursday afternoon.
It’s thought that a rise in inflation could send gold prices down as currencies become a more attractive proposition.
Minutes of the latest meeting of the monetary policy committee (MPC) showed a 7-2 vote in favour of no change ...