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“The majority of the Committee judges that, should the economy evolve broadly in line with the latest Monetary Policy Report projections, further increases in Bank Rate may be required for a sustainable return of inflation to target, albeit to a peak lower than priced into financial markets,” the central bank said in its monetary policy statement.
Gold against the British pound is seeing some buying momentum in initial reaction to the rate hike. Spot gold against the pound last traded at £1,444.89 an ounce, up 0.65% on the day.
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