Business news live: Gold price hits record high and Revolut share sale gives $75bn valuation

Rachel Reeves has not been sidelined by Number 10, a senior minister has said after Sir Keir Starmer reshuffled his Downing Street team.

Monday’s shake-up saw the Chancellor’s deputy, Darren Jones, move into a new role as chief secretary to the Prime Minister.

Sir Keir also brought in Baroness Minouche Shafik, a former Bank of England deputy governor, as his chief economic adviser and senior Treasury mandarin Dan York-Smith as his principal private secretary.

Stock markets are in the red today, with the FTSE 100 down 0.38%.

France and Germany’s main index each are both also down, though the latter is more than 1% compared to the CAC 40 being only slightly lower than flat.

More than 100 fake Labubu dolls have been seized by trading standards officers in Moray amid “significant safety concerns”.

The toys are copies of the dolls made by Pop Mart which have become increasingly popular in recent years but are expensive, leading to a flood of counterfeits on the market.

Moray Council’s Trading Standards team seized the toys from shops in Elgin town centre and warned of the dangers of buying the fake products which could pose risks to children.

They found that many of the toys had small parts that could easily come off, posing a choking hazard, while some had poor stitching and exposed stuffing, increasing the risk of suffocation.

Other fake toys seized around the country have been found to contain dangerous chemicals.

Fintech firm Revolut are holding a secondary share price sale which could see employees earn a windfall – and values the firm at about $75bn (£55bn).

The banking app is allowing employees to sell up to 20 per cent of their holdings to existing and some new investors.

Individual shares will be priced at $1,381.06 (£1,020).

Revolut is expected to IPO in New York rather than London some time in the near future.

Here’s a piece from a couple of months back when gold made its previous tilt for $3,500 – it still stands now if you want a bit of a primer as to the factors behind the investment idea, what impacts on its price and what might come next.

Gold’s spot price rose again yesterday and overnight and this morning it’s more of the same.

A little sideways action is to be expected but the commodity is up more than 1.1 per cent across the past day and sits at $3,555.

It looks to have briefly breached $3,560 even, setting a new record high in the process.

Typically gold is bought as a ‘safe’ investment when there are fears in other markets over volatility.

Morning all and welcome to our rolling coverage of business news, stock markets and everything affecting your money.

Today the bond markets will be back in focus as well as gold and bitcoin, with another bout of uncertainty looking to hit investors.