Shares in London-listed precious metals miners Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES) rose on Monday after gold extended its rally to fresh highs, hitting $3,540 an ounce in early trading.
The metal finished August at a record, with spot prices up nearly 5% over the month.
Analysts said the surge followed dovish remarks from Federal Reserve chair Jerome Powell at Jackson Hole, where he signalled greater concern over slowing growth and jobs than forcing inflation back to 2%.
Markets are now almost fully pricing in a quarter-point US rate cut in September, helping to push December gold futures above $3,500.
Strategists said political pressure on the Fed and uncertainty over the dollar were also fuelling demand for gold as a safe haven.
In early trading, Endeavour topped the FTSE 100 with a 2.6% gain, with Fresnillo up 2.1%.