FTC Sues Amazon as Gold Falls on Rate Hopes
The US Federal Trade Commission has sued Amazon over allegations that the e-commerce giant misled advertisers about pricing. The FTC and 22 state attorneys general claim Amazon did not properly disclose terms and pricing associated with advertisements, including sponsored listings in search results. This could expose Amazon to billions of dollars in civil penalties.
Amazon disputed the allegations, stating that FTC investigators misrepresented how its advertising auctions operate and provided no evidence of harm to shoppers. The company said its auctions prioritize products relevant to search terms before considering bids.
Gold prices fell due to higher rate expectations and rising oil prices. Spot gold declined 0.26% to $4,441.04 an ounce, reaching its lowest level since August 19. Despite the decline, gold remains on track for its strongest monthly performance since January, with prices up 9.7% for August.
Oil prices climbed after renewed US-Iran military action raised concerns about supply disruptions. Brent crude futures rose 2.53%, to $90.33 a barrel, while US West Texas Intermediate crude gained 2.85%, to $85.78.