258 decisions since 1975 · Bank of England Bank Rate
Markets after Bank of England decisions
Measured moves in gold (in GBP and USD) and GBP/USD after Bank of England Bank Rate changes since 1975.
Average move after a decision
Mean percentage change from the last observation on or before the decision date; n = number of decisions with usable data. Cells are empty where the asset lacks daily data around the event.
| Asset | Direction | +1d | +7d | +30d | +90d | Positive share (+30d) |
|---|---|---|---|---|---|---|
| Goldmonthly data | After cuts | −0.62%n=18 | −0.50%n=18 | +1.23%n=130 | +1.90%n=125 | 47% |
| After hikes | +0.13%n=21 | +0.29%n=21 | +0.64%n=71 | +2.59%n=71 | 45% | |
| GBP/USDmonthly data | After cuts | −0.08%n=32 | −0.82%n=32 | −0.52%n=32 | −0.89%n=32 | 38% |
| After hikes | −0.22%n=30 | −0.14%n=30 | +0.14%n=30 | −0.12%n=30 | 50% | |
| EUR/GBPmonthly data | After cuts | +0.03%n=32 | +0.57%n=32 | +0.56%n=32 | +1.21%n=32 | 47% |
| After hikes | +0.06%n=30 | +0.10%n=30 | −0.18%n=30 | −0.27%n=30 | 40% | |
| Brentdaily data | After cuts | −0.30%n=47 | −1.72%n=54 | −0.29%n=136 | +1.74%n=132 | 38% |
| After hikes | +0.04%n=39 | +1.36%n=40 | +1.42%n=72 | +2.92%n=72 | 57% |
Every decision
| Date | Change | Level | Gold +30d | GBP/USD +30d | EUR/GBP +30d | Brent +30d |
|---|---|---|---|---|---|---|
| Dec 18, 2025 | Cut -25 bps | 3.75% | +6.10% | 0.00% | −0.87% | +10.35% |
| Aug 7, 2025 | Cut -25 bps | 4.00% | +5.94% | +0.41% | +0.06% | −3.09% |
| May 8, 2025 | Cut -25 bps | 4.25% | −1.35% | +1.61% | −0.59% | +9.32% |
| Feb 6, 2025 | Cut -25 bps | 4.50% | +1.91% | +4.30% | +0.48% | −2.75% |
| Nov 7, 2024 | Cut -25 bps | 4.75% | −1.54% | −1.50% | −0.40% | −2.57% |
| Aug 1, 2024 | Cut -25 bps | 5.00% | +2.75% | +3.02% | −0.25% | −1.44% |
| Aug 3, 2023 | Hike +25 bps | 5.25% | −0.38% | +0.27% | −1.08% | +4.40% |
| Jun 22, 2023 | Hike +50 bps | 5.00% | +2.11% | +0.56% | +0.69% | +9.64% |
| May 11, 2023 | Hike +25 bps | 4.50% | −2.76% | −0.22% | −1.15% | −0.77% |
| Mar 23, 2023 | Hike +25 bps | 4.25% | −0.22% | +0.86% | +0.05% | +12.18% |
| Feb 2, 2023 | Hike +50 bps | 4.00% | −4.19% | −2.57% | −0.85% | +6.42% |
| Dec 15, 2022 | Hike +50 bps | 3.50% | +6.93% | −1.17% | +3.02% | +1.32% |
| Nov 3, 2022 | Hike +75 bps | 3.00% | +9.58% | +9.78% | −1.57% | −9.18% |
| Sep 22, 2022 | Hike +50 bps | 2.25% | −1.71% | −2.09% | +0.54% | +1.57% |
| Aug 4, 2022 | Hike +50 bps | 1.75% | −3.96% | −4.39% | +2.67% | −5.00% |
| Jun 16, 2022 | Hike +25 bps | 1.25% | −6.59% | −2.64% | −0.66% | −10.75% |
| May 5, 2022 | Hike +25 bps | 1.00% | −2.50% | +1.26% | +0.27% | +12.10% |
| Mar 17, 2022 | Hike +25 bps | 0.75% | +0.70% | +0.11% | −1.67% | −2.35% |
| Feb 3, 2022 | Hike +25 bps | 0.50% | +8.51% | −2.20% | −0.99% | +33.20% |
| Dec 16, 2021 | Hike +15 bps | 0.25% | +1.52% | +2.59% | −1.56% | +16.79% |
| Mar 19, 2020 | Cut -15 bps | 0.10% | +14.81% | +7.49% | −6.46% | −17.64% |
| Mar 11, 2020 | Cut -50 bps | 0.25% | +1.63% | −4.00% | −0.14% | −41.28% |
| Aug 2, 2018 | Hike +25 bps | 0.75% | −1.41% | −0.38% | +0.67% | +5.47% |
| Nov 2, 2017 | Hike +25 bps | 0.50% | −0.58% | +2.73% | −0.65% | +6.22% |
| Aug 4, 2016 | Cut -25 bps | 0.25% | −2.79% | +0.92% | −0.41% | +11.20% |
| Mar 5, 2009 | Cut -50 bps | 0.50% | −0.88% | +4.69% | +2.13% | +13.57% |
| Feb 5, 2009 | Cut -50 bps | 1.00% | +1.74% | −2.67% | +1.37% | −1.00% |
| Jan 8, 2009 | Cut -50 bps | 1.50% | +6.69% | −3.58% | −2.54% | +3.61% |
| Dec 4, 2008 | Cut -100 bps | 2.00% | +13.09% | −1.37% | +11.41% | −2.03% |
| Nov 6, 2008 | Cut -150 bps | 3.00% | −0.73% | −7.87% | +7.65% | −34.02% |
| Oct 8, 2008 | Cut -50 bps | 4.50% | −18.62% | −10.27% | +3.53% | −29.63% |
| Apr 10, 2008 | Cut -25 bps | 5.00% | −5.60% | −1.74% | −0.91% | +15.06% |
| Feb 7, 2008 | Cut -25 bps | 5.25% | +8.08% | +3.66% | +2.08% | +18.19% |
| Dec 6, 2007 | Cut -25 bps | 5.50% | +6.67% | −2.40% | +3.68% | +9.51% |
| Jul 5, 2007 | Hike +25 bps | 5.75% | +3.00% | +0.74% | −0.34% | −0.05% |
| May 10, 2007 | Hike +25 bps | 5.50% | −2.71% | −1.05% | −0.27% | +8.37% |
| Jan 11, 2007 | Hike +25 bps | 5.25% | +8.58% | −0.14% | +0.32% | +10.70% |
| Nov 9, 2006 | Hike +25 bps | 5.00% | +1.94% | +2.96% | +0.77% | +6.61% |
| Aug 3, 2006 | Hike +25 bps | 4.75% | −4.80% | +1.06% | −0.77% | −7.59% |
| Aug 4, 2005 | Cut -25 bps | 4.50% | +4.11% | +3.60% | −1.74% | +8.79% |
| Aug 5, 2004 | Hike +25 bps | 4.75% | +1.00% | −1.67% | +2.83% | −3.34% |
| Jun 10, 2004 | Hike +25 bps | 4.50% | +1.53% | +1.59% | +1.05% | +5.12% |
| May 6, 2004 | Hike +25 bps | 4.25% | +2.08% | +2.35% | −1.59% | −2.91% |
| Feb 5, 2004 | Hike +25 bps | 4.00% | +0.49% | −0.94% | −2.19% | +18.54% |
| Nov 6, 2003 | Hike +25 bps | 3.75% | +4.36% | +2.70% | +2.80% | +1.23% |
| Jul 10, 2003 | Cut -25 bps | 3.50% | +2.56% | −0.89% | +0.75% | +4.15% |
| Feb 6, 2003 | Cut -25 bps | 3.75% | −5.01% | −2.00% | +4.17% | +8.36% |
| Nov 8, 2001 | Cut -50 bps | 4.00% | 0.00% | −2.48% | +1.84% | −8.85% |
| Oct 4, 2001 | Cut -25 bps | 4.50% | −2.47% | −0.52% | −0.15% | −11.03% |
| Sep 18, 2001 | Cut -25 bps | 4.75% | 0.00% | −1.63% | −0.87% | −30.25% |
| Aug 2, 2001 | Cut -25 bps | 5.00% | +4.04% | +1.89% | +2.28% | +5.14% |
| May 10, 2001 | Cut -25 bps | 5.25% | −0.74% | −2.83% | −1.53% | +2.16% |
| Apr 5, 2001 | Cut -25 bps | 5.50% | +4.62% | 0.00% | −0.89% | +10.94% |
| Feb 8, 2001 | Cut -25 bps | 5.75% | +0.38% | +1.19% | +0.30% | −15.97% |
| Feb 10, 2000 | Hike +25 bps | 6.00% | −4.67% | −2.09% | −0.51% | +6.04% |
| Jan 13, 2000 | Hike +25 bps | 5.75% | +5.63% | −2.77% | −1.90% | +11.73% |
| Nov 4, 1999 | Hike +25 bps | 5.50% | −3.41% | −2.62% | −2.10% | +15.59% |
| Sep 8, 1999 | Hike +25 bps | 5.25% | +17.36% | +1.74% | −1.30% | −5.37% |
| Jun 10, 1999 | Cut -25 bps | 5.00% | −1.92% | −3.15% | +0.60% | +18.20% |
| Apr 8, 1999 | Cut -25 bps | 5.25% | −2.47% | +1.53% | −1.80% | +14.14% |
| Feb 4, 1999 | Cut -50 bps | 5.50% | −0.35% | −1.57% | −2.28% | +5.76% |
| Jan 7, 1999 | Cut -25 bps | 6.00% | 0.00% | −0.47% | −2.46% | −8.12% |
| Dec 10, 1998 | Cut -50 bps | 6.25% | −1.71% | — | — | +28.57% |
| Nov 5, 1998 | Cut -50 bps | 6.75% | −0.68% | — | — | −17.05% |
| Oct 8, 1998 | Cut -25 bps | 7.25% | −0.68% | — | — | −13.00% |
| Jun 4, 1998 | Hike +25 bps | 7.50% | +0.34% | — | — | −14.00% |
| Nov 6, 1997 | Hike +25 bps | 7.25% | −5.56% | — | — | −5.59% |
| Aug 7, 1997 | Hike +25 bps | 7.00% | −0.31% | — | — | −4.17% |
| Jul 10, 1997 | Hike +25 bps | 6.75% | 0.00% | — | — | +2.20% |
| Jun 6, 1997 | Hike +25 bps | 6.50% | −4.99% | — | — | +4.30% |
| May 6, 1997 | Hike +31 bps | 6.25% | −0.87% | — | — | +0.79% |
| Oct 30, 1996 | Hike +25 bps | 5.94% | — | — | — | +0.09% |
| Jun 6, 1996 | Cut -25 bps | 5.69% | −0.52% | — | — | +9.96% |
| Mar 8, 1996 | Cut -19 bps | 5.94% | −0.76% | — | — | +10.61% |
| Jan 18, 1996 | Cut -25 bps | 6.13% | +1.50% | — | — | +1.79% |
| Dec 13, 1995 | Cut -25 bps | 6.38% | +3.10% | — | — | −0.68% |
| Feb 2, 1995 | Hike +50 bps | 6.63% | +1.33% | — | — | −1.88% |
| Dec 7, 1994 | Hike +50 bps | 6.13% | 0.00% | — | — | +3.28% |
| Sep 12, 1994 | Hike +50 bps | 5.63% | −0.51% | — | — | +1.58% |
| Feb 8, 1994 | Cut -25 bps | 5.13% | +0.52% | — | — | −6.37% |
Showing the 80 most recent of 258 decisions.
Reading these numbers
A rate cut is not an isolated cause: cuts cluster in slowdowns and crises, so “gold after cuts” partly measures “gold in crises”. The dispersion around each average is large, and the sample is small by statistical standards. Treat the table as a record of what happened, not as an expected return. Where MarketsGrid holds only monthly averages for an asset in a period, short windows are blank; adding a licensed daily feed fills them in automatically.