The FTSE hit a new intra-day low for 2010 in early trading on Thursday following murmurs ratings agency Moody's may downgrade the triple-A sovereign ratings on Spain.
The FTSE 100 has opened in positive territory as investors react with relief to a watered down US financial services reform bill.
SVM's managing director Colin McLean has boosted his funds' exposure to gold companies by about 2% this month, trimming European financials and basic resource stocks to finance the switch.
The FTSE 100 index is seen rising on Friday, clawing back some of the previous session's sharp losses.
The FTSE 100 opened higher, up 0.35% or 18.22 points to 5,196.74 following Wall Street's late rally.
US markets opened strongly today as global stock markets thrive on news China is likely to end its currency peg with the dollar.
The FTSE 100 opened higher as investors responded positively to news BP has scrapped its dividend until 2011 and agreed to fund a $20bn oil spill compensation package.
The FTSE started the day positively buoyed by a strong start for bank stocks and increased hopes of a global recovery.