Rising gold prices boost miners' shares to lead the FTSE 100 index

Courtney Goldsmith
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Gold prices have rebounded from the lows it fell to in December (Source: Getty)

Gold miners are leading the FTSE 100 index today as share prices rise while the price of the metal increases on geopolitical risks.

Randgold Resources, Rio Tinto, Fresnillo and Antofagasta were among top gainers on the blue-chip index this morning.

In early afternoon trading, Randgold's share price had lifted 2.01 per cent to 7,375.6p, Rio Tinto's shares moved 2.04 per cent higher to 3,328.5p, Fresnillo booked a 2.34 per cent rise to 1,620p and Antofagasta's share price lifted 2.06 per cent to 868.5p.

Gold prices were up 0.4 per cent, or $5, to $1,258.90 per ounce.

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The metal rose higher overnight as Asian investors looked to safe haven assets.

"While the precious metal remains over $20 away from last week’s five-month high, geopolitical tensions are helping to keep rising lows support at $1,256 alive," said Henry Croft, analyst at Accendo Markets.

The metal is making a fresh attempt to close above the 200-day moving average, said FXTM chief market strategist Hussein Sayed.

"This marks the sixth attempt in a month gold has tried to break the long-term moving average, but all were unsuccessful in closing above it. If the precious metal was successful in closing above the 200-day moving average for the day and the week, we are likely to see additional upside momentum."

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