Precious metals stocks led the FTSE 100 higher on Friday, with Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES) the top risers, after gold surged to a fresh all-time high.
The precious metal was trading at $3,219.93 an ounce by midday, driven by renewed investor appetite for safe-haven assets amid market turbulence triggered by US trade policy.
“Gold continues to attract buyers who continue to look for safe havens amid the weaker dollar, and the relentless stream of competing tariff headlines,” said David Morrison, senior market analyst at Trade Nation.
“But it is now up over 8% since Wednesday, so ‘caveat emptor.’ Silver has yet to garner the same level of interest as gold.”
The Royal Mint also reported strong demand for physical gold, including coins and bars, as investors look to hedge against geopolitical and economic uncertainty.
The surge in gold has supported London-listed miners and boosted wider interest in precious metals.
Endeavour was up 6% and Fresnillo 5.5%.