Gold miners Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES)were among the top performers on the FTSE 100 as gold prices surged past $2,900 per ounce on Monday, setting multiple record highs.
The rally follows comments from US President Donald Trump, who announced plans for reciprocal tariffs on multiple countries, adding to global market uncertainty.
Trump also confirmed a 25% tariff on all steel and aluminium imports but did not specify a timeline.
Investors are also focused on Federal Reserve Chair Jerome Powell’s upcoming testimony to US lawmakers.
Powell is expected to emphasise the economy’s resilience, reinforcing expectations that interest rates will remain unchanged in March, which could weigh on gold prices.
Meanwhile, concerns over high gold prices have led some Chinese buyers to pause purchases, according to Bloomberg.
Despite this, analysts suggest gold could soon test the $3,000 level, barring any short-term profit-taking.
In afternoon trading, Fresnillo was up 2.8% with Endeavour ahead 2.3%.