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Gold and silver slip back and take the shine off FTSE 100

Discussion in 'Market News' started by Lily, Oct 11, 2016.

  1. Lily

    Lily Forum Member

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    Leading index falls back from intraday record as precious metal miners decline

    Precious metal miners are losing their lustre, helping undermine the market’s attempts to reach new record highs.

    The FTSE 100, having reached an intraday record of 7129.83, is now down around 8 points at 7089. An opening fall on Wall Street has not helped, with the Dow Jones Industrial Average now down 94 points or 0.5%.

    After the excitement of a fresh all-time intraday peak for the FTSE things have calmed down somewhat, the US open bringing in a wave of investors who aren’t purely Brexit-focused.

    A lunchtime surge saw the FTSE smash through to 7129; now it’s back hovering below 7100, that midday burst of energy proving to be brief. Perhaps reports that both Citi and Morgan Stanley have stated they will leave London if Britain appears to be heading for a hard Brexit have weighed on investors’ appetite for the UK index; perhaps it was a bout of profit-taking. Either way the FTSE couldn’t hold onto its highs for long.

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