FTSE 100 and Gold resume their march higher
Last week's concerns about US banks are a distant memory, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.
FTSE 100 lifted by defence and precious metals
It’s back to normal for the FTSE 100 today, as geopolitical tensions and a renewed surge in gold and silver boost defence firms and big-name miners. This has been coupled with a broader market rebound off Friday’s lows, coming as investors recover their wits after a somewhat absurd panic over the US regional banking system. The theme of the last few months, that of frantic buying of even the briefest period of weakness, is still firmly in place.
Gold shrugs off Friday’s slump
The same tendency is at work in gold today. The price had a swift drop on Friday that no doubt felt more dramatic simply because of the one-way nature of the recent rally. But there is still plenty of money willing to jump on board the gold train. It looks like Friday’s bout of altitude sickness was a blip, though that will come as little comfort to those waiting for a ‘proper pullback’.
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