FTSE 100 edges lower after record close but Fresnillo and Randgold on the rise

Gold price increases support precious metal miners but banks slip back

Leading shares are struggling for direction after Wednesday’s achievement of a new closing high.

In thin trading, the FTSE 100 is currently down 5.01 points at 7101.07. But continuing strength in the gold and silver price - with the former at a two week high as the dollar edged lower - has pushed precious metal miners to the fore. Mexico’s Fresnillo is up 26p at £11.96 and Randgold Resources has risen 85p to £62.05. Lower down the market Hochshild is 9.8p higher at 207p and Polymetal International has put on 22p to 852p. Ipek Ozkardeskaya, senior market analyst at London Capital Group, said:

Softer US yields and broad based US dollar depreciation remain supportive of a further rise above the $1150/oz resistance, hence gold miners have further room to outperform their peers at today’s session.