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Gold & silver

Fresnillo and Endeavour slide as gold rally stalls

Fresnillo PLC (LSE:FRES) and Endeavour Mining were among the top FTSE 100 fallers going into the final hour of Thursday trading, with shares down 5% and 3.6% respectively.

The declines come as gold prices ease following a sharp rally that has seen the metal gain more than 10% over the past six sessions.

Although the broader outlook for gold remains strong, supported by central bank demand, geopolitical uncertainty and a soft US dollar, the market looks technically stretched. Prices briefly touched 3,300 dollars an ounce, a key resistance level, before pulling back.

Technical analysts suggest a move lower toward 3,200 dollars could be healthy, offering a chance for value investors to re-enter.

Despite today’s weakness, the uptrend appears intact. Some traders are now eyeing 3,500 dollars as a medium-term target, although near-term consolidation looks likely as momentum cools.