(Kitco News) – Gold is selling off against the sterling after the Bank of England lowered its benchmark interest rate.In a much-anticipated move, the BoE cut its Bank Rate by 25 basis points to 4.00% early Thursday morning. Five of nine Monetary Policy Committee members voted in favor of the cut, with the other four voting to leave the rate unchanged.The central bank said that it had room to cut rates as inflation has continued to fall.
