Shares in precious metals miners Fresnillo PLC (LSE:FRES) and Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) led the FTSE 100 in early trading on Tuesday, buoyed by a surge in gold prices to an all-time high.
Spot gold began to challenge the $3,500 an ounce level during the morning session, driven by investor demand for safe-haven assets amid political tensions in the US.
The rally came after fresh criticism from President Donald Trump directed at Federal Reserve Chair Jerome Powell, reigniting concerns over US economic policy.
Trump’s remarks pushed investors away from US assets, weighing on the dollar and lifting bullion.
At 8.43 am, the price of the yellow metal was $3,482.06, up $1,084 an ounce.
Fresnillo jumped 3.4% early on, while Endeavour was up 3.3%. Among the juniors, Pan African Resources PLC (AIM:PAF, OTCQX:PAFRY, JSE:PAN) was the stand-out with a 5% gain.