London, Jan 7, 2026, 09:32 GMT — Regular session
Fresnillo PLC shares fell 4.2% to 3,524 pence by 0930 GMT on Wednesday, snapping a two-day climb that took the FTSE 100 precious-metals miner to a fresh 52-week high. The stock had risen 4.3% on Monday and 5.2% on Tuesday, and traded between 3,508 and 3,666 pence on Wednesday.
The move tracked a slide in bullion after a sharp run-up, keeping precious-metal miners on the back foot at the start of the London session. Spot gold — the cash price for immediate delivery — was down 1.1% at $4,449 an ounce and silver fell 2.5% to $79.27 as investors booked profits and the dollar held near two-week highs, Reuters data showed. “Price action has for the most part been skewed to the upside, but it’s showing two-way volatility,” said Kyle Rodda, senior financial markets analyst at Capital.com. Reuters
Tuesday’s rally came as gold pushed toward record highs on safe-haven demand after the U.S. capture of Venezuela’s president stirred geopolitical nerves, and ahead of U.S. payrolls data later this week. “Precious metals traders see more risk on the horizon than stock and bond traders do at present,” said Jim Wyckoff, senior analyst at Kitco Metals. Spot silver climbed 5.4% on Tuesday, Reuters reported. Reuters
London’s blue-chip FTSE 100 closed at a record high on Tuesday in a broad-based rally, with precious-metal miners among the strongest performers as gold and silver prices rose, Reuters said. The sector’s swings have kept miners like Fresnillo sensitive to fast shifts in rates and risk sentiment.
Morgan Stanley forecast this week that gold could hit $4,800 an ounce by the fourth quarter of 2026, citing falling interest rates and demand from central banks and funds. The bank said 2025 marked the peak in the silver deficit and flagged China’s new export licence requirements as an upside risk for silver.
In London, other UK-listed precious-metals names including Endeavour Mining and Hochschild rose alongside Fresnillo on Tuesday as gold gained about 2% and silver nearly 4%, IG wrote. That pullback in bullion on Wednesday has tested whether miners’ rally can hold without fresh catalysts.
Fresnillo is the world’s largest producer of primary silver and one of Mexico’s biggest gold miners, with most of its operations in Mexico. Its shares often move with changes in metal prices because investors treat the stock as a geared play on bullion.
But the stock’s rapid run-up has left it exposed to a deeper correction if precious metals keep sliding or if the next company update disappoints on output or costs. A stronger dollar and a shift in rate-cut bets tend to weigh on non-yielding metals such as gold, feeding back into miners’ earnings expectations.
