London, Jan 20, 2026, 09:25 GMT — Regular session
- Fresnillo shares slip in early Tuesday trading, following Monday’s climb to a new peak.
- Gold surged past $4,700 an ounce, hitting a fresh record, while silver stayed close to its recent high.
- JPMorgan bumped up its price target ahead of the upcoming production update.
Fresnillo PLC shares edged lower in early London trading Tuesday, falling 0.3% to 3,974 pence by 0909 GMT. 1
The retreat arrived amid continued volatility in bullion prices. Spot gold — the immediate cash price — soared to a record $4,721.91 an ounce. Silver slipped 0.5% to $94.23, after briefly reaching $94.72, Reuters reported. Tim Waterer, chief market analyst at KCM Trade, noted that “Trump’s ‘disruptive’ policy approach … suit precious metals very well,” highlighting a fresh surge into “safe-haven” assets like bullion, favored by investors when markets grow cautious. 2
Fresnillo jumped 6.67% to 39.96 pounds on Monday, hitting a fresh 52-week high, despite the FTSE 100 slipping 0.39%, according to MarketWatch data. Volume was a bit under its 50-day average. 3
Tuesday saw the stock peak at 4,028 pence and dip to 3,950 pence before slipping back, based on data from 7 .
Broker activity played a part in the move. JPMorgan boosted its price target on Fresnillo to 4,700 pence from 4,300, maintaining an “overweight” rating—a buy-leaning signal suggesting investors should hold more than the benchmark weight. The bank highlighted “creeping cost inflation” but kept a positive catalyst watch, pointing to balance-sheet strength and dividend potential, according to an Investing.com report. 4
Fresnillo, a precious metals miner based in Mexico and listed on the FTSE 100, ranks as the world’s top silver producer from ore and holds the position of Mexico’s second-largest gold miner, Investegate reports. 5
The shares offer a clear reflection of metal prices. When silver surges, the stock often jumps quickly; but if the metal stalls, the shares tend to drag, even without fresh company news.
But the situation works both ways. A drop in silver or gold—whether from profit-taking or changes in tariff news—can swiftly sour sentiment after a rally to new highs. Plus, miners’ costs weigh just as heavily as the metals themselves.
Looking ahead to the next session and the week, all eyes remain on metal prices and policy developments. Fresnillo will draw particular scrutiny with its fourth-quarter production report set for Jan. 28. That update could shift views on output and costs, especially after the stock’s recent turbulence. 6
