LONDON, Jan 5, 2026, 09:47 GMT — Regular session
- Fresnillo shares rose nearly 4% in early London trade, touching a new 52-week high.
- Gold and silver prices jumped as investors sought “safe-haven” assets after a Venezuela shock. Reuters
- Traders are watching Friday’s U.S. jobs report for the next cue on interest rates and bullion.
Fresnillo PLC (FRES.L) shares rose 3.9% to 3,482 pence, after earlier touching 3,522 pence — a fresh 52-week high — in London trading on Monday.
The move matters because Fresnillo is tightly geared to precious metals prices. When gold and silver rise, miners’ revenues can jump faster than many operating costs, often amplifying the swing in the share price.
That leverage was back in focus as investors rotated into “safe-haven” assets — places to park money when uncertainty rises — after the United States captured Venezuelan President Nicolás Maduro over the weekend, Reuters reported. Reuters
Spot gold rose 2.2% to $4,424.17 an ounce by 07:42 GMT, while spot silver added 3.9% to $75.50, according to Reuters.
“Gold and silver are viewed as a solid hedge against uncertainty,” said Tim Waterer, chief market analyst at KCM Trade. Reuters
Other London-listed precious metals names tracked the bid. Hochschild Mining was up 4.9% and Endeavour Mining rose 4.6%, LSE data showed.
Fresnillo operates several mines in Mexico, including Fresnillo, Saucito and Herradura, producing silver and gold, according to a Reuters company profile.
Macro rates remain the other big driver for bullion-linked stocks. The Federal Reserve’s policy outlook has swung markets in recent months because gold is a non-yielding asset — it pays no interest — and typically looks less attractive when bond yields rise.
On the chart, traders will note Fresnillo’s breakout above the prior close at 3,352 pence, with the stock trading between 3,438 and 3,522 pence so far on the day, LSE data showed.
The risk for bulls is a fast reversal if geopolitical tensions cool or if U.S. data pushes yields higher, denting demand for precious metals. Miners often give back gains quickly when the metal price momentum stalls.
Next up, investors will focus on Friday’s U.S. non-farm payrolls report for fresh clues on interest rates — and whether today’s safe-haven rush in gold and silver has staying power.
