Susannah Streeter, head of money and markets, Hargreaves Lansdown:‘The defensive nature of the FTSE 100 has come to the fore, with the index rising in early trade amid fresh uncertainty in the Middle East. 'Oil and gold have been rising in tandem, following the confirmation of the death of Iran’s President, and the health of King Salman of Saudi Arabia, being the subject of speculation. Mining stocks and energy giants are on the front foot in early trade, while shares in defence contractors have also edged up. 'Nervousness about the direction of geopolitics has pushed gold to fresh record highs, reaching $2,438 per ounce. 'Demand for the metal has also likely to have been pushed up by renewed speculation that the Federal Reserve will be minded to cut interest rates a couple of times this year.

Source: Daily Mail May 20, 2024 07:04 UTC