FTSE weaker but gold makes gains
|The FTSE 100's recent poor run has continued, but gold is pushing higher once more, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 sunk by ex-dividend names
A slew of names going ex-dividend today has hampered the FTSE 100, while it looks like the much talked about rotation away from tech has now begun to go back the other way following Nvidia’s numbers. The sky hasn’t fallen in despite the lack of real fireworks in the chip titan’s earnings, and with the Trump-Fed spat quiet for now we are seeing some renewed strength in tech, most notably Alphabet’s surge to a new high.
Gold pushes higher
While dips have been bought in gold since April, the price has shown a marked inability to hold on to gains above $3400. But some renewed dollar weakness has given gold bugs an opening and they have taken the chance to push the price higher. Expectations of a September cut continue to weigh on the dollar, providing the metal with a chance to finally break to a new high.
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