London, Feb 4, 2026, 09:40 GMT — Regular session
- Fresnillo shares dipped slightly in early London trading, following a 6.4% jump on Tuesday
- Gold and silver push higher again, drawing continued attention to precious-metals miners
- Investors await Fresnillo’s March 3 report, focusing on costs and the 2026 outlook
Fresnillo (FRES.L) slipped 0.3% to 3,889 pence by 0940 GMT on Wednesday, retreating from Tuesday’s strong gains. The Mexico-focused silver and gold miner was cooling off after its recent jump.
This move is significant because Fresnillo often acts as a quick gauge for bullion price shifts, which have been volatile this week. Spot gold surged 2.9% to $5,082.94 an ounce, while silver jumped 6.1% to $90.34 amid renewed safe-haven buying tied to U.S.-Iran tensions. Investors also awaited U.S. ADP private payroll numbers after the partial government shutdown pushed back the official January jobs report.
The situation remains unsettled. Standard Chartered’s Suki Cooper noted that “the physical market will be key in setting the floor,” and Metals Focus director Philip Newman cautioned that prices would “remain volatile” following recent swings. Reuters
Fresnillo surged 6.38% on Tuesday, closing at £39.02 while the FTSE 100 dipped 0.26%. The stock finished the day roughly 13% off its 52-week peak, with trading volume near its 50-day average, according to MarketWatch data.
Last week, the company lowered its 2026 production forecast to 42.0–46.5 million ounces of silver and 500,000–550,000 ounces of gold, trimming from previous estimates. It reported 2025 silver output at 48.7 million ounces and gold at 600,300 ounces. CEO Octavio Alvídrez described the results as “another year of solid operational performance” and highlighted a “supportive metals price environment.” Fresnillo Plc
Brokers aren’t standing still either. JPMorgan Chase lowered its price target to 4,500 pence from 4,700 on Monday but kept an “overweight” rating, MarketBeat reported. MarketBeat
The downside is clear in a market like this. Gold and silver plunged on Monday after CME Group hiked margin requirements—the collateral traders need to post—intensifying a selloff sparked by news that Kevin Warsh might be the next U.S. Federal Reserve chair. Another drop in bullion prices would squeeze miners further, even before factoring in any operational hiccups.
Fresnillo’s next checkpoint arrives with its results on March 3. Investors want to see how costs and cash flow shape up, plus if management provides fresh insight into the slimmer 2026 production outlook.
