Gold rises on signs of inflation
The Bank of England cited expectations of quickening inflation when it raised its benchmark interest rate to a five-year high of 5.25 per cent.
By PTI |
LONDON: Gold rose in London, heading for a weekly gain, on speculation investment demand might rise because of accelerating inflation.
The Bank of England cited expectations of quickening inflation when it raised its benchmark interest rate to a five-year high of 5.25 per cent.
Gold gained 1.60 dollar, or 0.3 per cent, to 613.20 dollar an ounce in London. Gold rose to a record 850 dollar in 1980 when the U.K. benchmark rate was at 17 per cent.
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