Gold Rises as BoE Keeps Rates Unchanged Amid Ongoing Energy Crisis

The Bank of England's decision to keep interest rates unchanged at 3.75% has sent gold prices rising, with spot gold trading at $4,325.60 an ounce, up 1.48% on the day.

The central bank acknowledged persistent inflation pressures, citing the ongoing global energy crisis caused by the war in Iran as a significant contributor to the issue.

In its monetary policy statement, the BoE noted that UK CPI inflation increased to 3.1% in August and is likely to rise further over coming quarters.