BoE Keeps Rates Steady Amid Ongoing Inflation Pressures

The Bank of England (BoE) kept interest rates unchanged at 3.75% following its September monetary policy meeting, as expected by analysts.

UK inflation rose to 3.1% in August and is forecasted to increase further over the coming quarters, according to the BoE's statement.

The central bank pointed out that a significant portion of the inflation surge stems from the ongoing energy crisis triggered by the war in Iran.

Gold prices received a modest boost following the BoE's decision, with spot gold trading at 3,237.07 pounds an ounce, up 1.58% on the day against the British pound.