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Gold miners lead FTSE 100 lower Gold miners lead FTSE 100 lower
(about 3 hours later)
The London market opened lower, with a fall in the gold price weighing on the shares of mining companies. Shares in gold mining companies led the London market lower as the rising value of the dollar hit the gold price.
The benchmark FTSE 100 share index dropped 41.49 points to 6,753.22. Randgold Resources fell 6.5% while gold and silver miner Fresnillo dropped 5.8% as the gold price slid 1% to $1,203.86 an ounce, the lowest since May.
Shares in Randgold Resources fell nearly 7% while gold and silver miner Fresnillo dropped 5.3%. Commodities are generally priced in dollars, so a rise in the dollar's value makes them more expensive for holders of other currencies.
The price of gold dropped 1% to $1,203.86 an ounce on Friday, the lowest since May. The gold price has been hit by rising expectations that US interest rates will rise next month. The dollar has risen on expectations that US rates will rise next month.
On Thursday, the chair of the Federal Reserve, Janet Yellen, indicated that the US central bank could raise interest rates "relatively soon".On Thursday, the chair of the Federal Reserve, Janet Yellen, indicated that the US central bank could raise interest rates "relatively soon".
In the FTSE 250, shares in Electrocomponents jumped 10% after the electronic component distributor reported a 76% jump in half-year profits to £55.1m, and raised its target for cost savings. By midday, the benchmark FTSE 100 share index was down 32.92 points at 6,761.79.
On the currency markets, the pound was unchanged against the dollar at $1.2419, but rose 0.2% against the euro to €1.1709. In the FTSE 250, shares in Electrocomponents surged 17% after the electronic component distributor reported a 76% jump in half-year profits to £55.1m, and raised its target for cost savings.
On the bond markets, yields on UK 10-year gilts hit a six-month high of 1.498% at one point before falling back.
Global bond yields - which move inversely to bond prices - have surged since Donald Trump's US election victory, as markets expect his policies to lead to a pick-up in inflation.
On the currency markets, the pound was little changed against the dollar at $1.2413, and also flat against the euro at €1.1688.