Shares in precious metals producers Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES) were among the strongest performers on the FTSE 100 on Monday as a sharp rise in gold and silver prices revived demand for mining stocks.
Gold climbed about 2.3% to roughly $4,431 an ounce, while silver surged nearly 4.4% to $76, as investors shifted money into assets seen as a store of value during periods of uncertainty.
The move followed the capture of Venezuelan president Nicolás Maduro by US forces over the weekend, an event that has heightened concerns about geopolitical instability.
For investors, precious metals often act as a refuge when political risk rises.
Gold and silver had already enjoyed a remarkable 2025, hitting record highs before easing back in the final days of the year.
Despite that late wobble, gold still delivered its strongest annual performance since 1979, rising more than 60% and reaching an all-time peak of $4,549.71 in late December.
The rally was driven by a combination of factors, including expectations that interest rates will continue to fall, large-scale buying by central banks and persistent worries about global economic and political tensions. The events in Venezuela have reinforced those themes, pushing prices higher again.
Mining stocks responded quickly. Endeavour Mining, which focuses on gold production in West Africa, also benefited as investors looked for direct exposure to the rising gold price. The stock was up 5%.
Fresnillo, one of the world’s largest silver producers, rose 3.7% as higher silver prices improved the value of future output.
By contrast, oil prices moved lower. Brent crude slipped around 0.8% to just over $60 a barrel as traders judged that the US intervention in Venezuela is unlikely to disrupt global energy supplies in the near term.
Venezuela currently produces only about 1% of the world’s oil, and analysts say years of underinvestment mean any recovery would be slow and costly.
Equity markets more broadly were firmer, suggesting investors see the immediate economic fallout as contained. Even so, the renewed bid for gold and silver underlines how quickly sentiment can shift when geopolitical risks return to the forefront.