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U.S dollar un against gold prices

Gold Prices Rally as Inflation in The U.S. Stays at Highest Level in 13 Years, Great News for British Employment & Google Fined $177 Million.

Gold prices rally on U.S. inflation data

Gold prices rallied in today’s trading session, on the news that consumer prices in the United States had recently increased.

Data from the Labor Department showed that its consumer price index rose by 0.3% from July, versus expectations of 0.4%.

💡 The Delta Variant and its effect on the recovery
As fatalities rise with the now dominant delta variant, people are becoming weary of going out. Hospitality and leisure related industries have been the hardest-hit. Recovery in these areas will come at a slower pace

The data also showed that CPI increased 5.3% compared to the same period last year, after being anticipated to come in at 5.4%.

Today’s figures kept inflation in the United States at its highest level in the last 13-years and sent XAUUSD to an intraday high of $1,808.

As of writing, the S&P 500 was down 0.22%.

British employment surges past pre-pandemic highs

On Tuesday, data from the United Kingdom showed that the number of employees in the nation had risen beyond pre-pandemic highs.

The figures which were released by the Office for National Statistics, reported that UK employers hired a record 241,000 workers in August.

Today’s numbers come as the UK government gets set to end its furlough scheme at the end of September, after being utilized for most of the past 18-months.

What’s coming for employment in the U.K
IES Director Tony Wilson. stated: “The biggest risk that we’re now facing is not enough workers rather than not enough jobs,”

…“At the same time, there are more than 6 million people outside the labor market because of ill health, caring or studies.”

On last viewing, the scheme was said to still be supporting over 700,000 workers, paying them 80% of their wages, whilst businesses remained crippled by the pandemic.

Despite the increase in employment, London’s FTSE 100 was trading 0.48% lower on Tuesday, with GBPUSD marginally increasing to its highest level in 6-weeks.

Google fined $177 million by S. Korean regulators

Shares in Alphabet, the parent company of Google, were trading marginally lower on Tuesday, as the company was fined by South Korean regulators.

The tech giant was fined $177 million by The Korea Fair Trade Commission for blocking the use of customized versions of its Android operating system.

What will Google do next?
Google said in a statement it intends to appeal. It said the ruling ignores the benefits offered by Android’s compatibility with other programs and undermines advantages enjoyed by consumers.

South Korea’s Telecommunications Business Act has been popularly dubbed the “anti-Google law”

In a statement released shortly after the fine, regulators stated that “The Korea Fair Trade Commission’s decision is meaningful in a way that it provides an opportunity to restore future competitive pressure in the mobile OS and app market”. 

It was said Google used an anti-fragmentation agreement with manufacturers, preventing them from modified versions of Android’s OS.

Quote of the day – “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.”

– Robert G. Allen

Eliman Dambell

Senior Market Analyst


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