Skip to content Skip to footer
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%.

OPEC can influence world oil supplies and prices
The Organization of the Petroleum Exporting Countries (OPEC) can have a significant influence on oil prices by setting production targets for its members. OPEC includes countries with some of the world’s largest oil reserves. As of the end of 2018, OPEC members controlled about 72% of total world proved oil reserves, and in 2018, they accounted for 41% of total world crude oil production.

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

 

Tradeview Ltd. is not a portfolio manager or an investment advisor. This Market Report is for informational purposes only. Any statements made or opinions voiced in this Market Report do not constitute investment advice. The Tradeview Ltd. Market Report does not constitute a solicitation to buy or sell in the financial markets. Although the information contained in the Market Report comes from trusted sources, Tradeview Ltd. is not responsible for guaranteeing the accuracy, timeliness, completeness, or fitness of such sources. Tradeview Ltd. shall not be responsible for and disclaims all liability for any losses which may be suffered from access and use of the contents of the Tradeview Ltd. Market Report. Trading any financial instrument on margin, using leverage or otherwise involves considerable risk. Therefore, before deciding to participate in any style of trading, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consulting with your investment counselor, attorney, accountant or other professional upon whom you rely for guidance as to the appropriateness of an investment in any style of trading is recommended.

Tradeview Ltd.

Is licensed to carry on securities investment business and is regulated by the Cayman Islands Monetary Authority (CIMA) as a full securities broker-dealer. Tradeview conducts business pursuant to the Cayman Islands Securities Investment Business Law (SIBL) and its activities fall under the direct supervision of the Investments and Securities Division of CIMA.
Headquarters: 5th Floor Anderson Square, 64 Shedden Road, Georgetown, Grand Cayman, Cayman Islands KY1-1002, BWI.
Website: www.tradeviewforex.com

Tradeview Asia Ltd.

Is licensed and regulated by the Labuan Financial Services Authority (FSA) as a Money Broker, registration number LL15870 licensed to facilitate transactions in foreign exchange pursuant to Labuan Financial Services and Securities Act 2010, the Labuan Companies Act 1990 and the Labuan Business Activity Tax Act 1990.
Headquarters: International Business Financial Centre at Office 5, Jamie Business Center I, Unit F10, First Floor, Paragon Labuan, Jalan Mustapha, 87000 Labuan F.T.
Website: www.tvmgloballtd.com

Tradeview Europe Ltd.

Is licensed as a Category 2 Investment Service Company and is regulated by the Malta Financial Services Authority (MFSA). The Malta Financial Services Authority (MFSA) is the single regulator for financial services in Malta. MFSA is a fully autonomous public institution and reports to Parliament on an annual basis. The MFSA is a member of the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the International Organization of Securities Commissions (IOSCO) and is a signatory of the Multilateral Memorandum of Understanding with other European regulatory Institutions. Tradeview is authorized to provide financial services across multiple asset classes and is passported in the EU/EEA under MiFID II (EU Markets in Financial Instruments Directive).
Headquarters: 157 Archbishops Street, Valletta VLT Malta 1440.
Website: www.tradeview.eu

Tradeview Financial Markets S.A.C Global

Is authorized to conduct business pursuant to and in compliance with the General Law of Companies (LGS) promulgated by the government of Peru. Tradeview Financial Markets S.A.C is registered with the National Superintendence of Public Registries (SUNARP), company number 13089531. Tradeview Financial Markets S.A.C provides financial services in selected OTC derivative markets in compliance with all applicable government regulations.
Headquarters: Los Mirtos 239 Urb. San Eugenio, Lince, Lima, Perú.
Website: www.tradeviewlatam.com