With markets continuing to fall, investors are looking for havens, and gold is getting the benefit.
The FTSE 100 has now fallen 107.03 points or 1.6% to 6565.12, with the oil price under pressure, worries about the eurozone with the snap Greek presidential election called late on Monday, and Tesco’s latest profit warning. The Dow Jones Industrial Average futures are currently suggesting a 100 point fall when the US market opens later.
But gold is up for the second straight session, up around $8 to $12.11 an ounce, helped by a slip in the dollar on hopes that US interest rates may be held for some time yet.
So Randgold Resources, up 96p to £42.82, and Mexican precious metals miner Fresnillo, 1p better at 716.5p, are two of the handful of risers in the leading index. Randgold received an upgrade from Deutsche Bank on Monday from hold to buy.
Brent crude has edged up 0.36% to $66.43 a barrel after its recent plunges, but oil companies are still under pressure. Oil services group Petrofac is down 29p at 738p while pump maker Weir is 61p lower at £16.80.
Coca-Cola HBC is down 80p at £13.23 on concerns about its operations in Greece and Russia given the economic problems in those countries.
And Tesco is currently 19.25p or 10% lower at 168.05p.
