Fresnillo PLC (LSE:FRES), the FTSE 100’s only pure-play silver miner, opened down 1.6% on Fridy as a sharp pullback in silver prices rippled through mining shares.
Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2), the UK’s largest gold producer, fell 1.8%, tracking a softer gold price.
Silver prices dropped hard in international markets as investors locked in profits after the US delayed imposing tariffs on imports of critical minerals. The move followed an intense rally that had pushed the metal to record highs a day earlier.
At one point, silver was down as much as 7.3% after gaining more than 20% over the previous four sessions.
Spot silver was later trading about 3.4% lower at just under $90 an ounce, having touched an all-time high above $93 earlier in the day.
The change in mood came after comments from Donald Trump, who said the US would first seek bilateral agreements to secure supplies of critical minerals.
He also raised the possibility of price floors on imports instead of immediate tariffs, while leaving the door open to levies later.
Gold also eased after hitting a record high. Safe-haven demand cooled as tariff fears receded and investors took profits. Spot gold was down modestly at about $4,609 an ounce.
The episode underlines how sensitive precious metals have become to shifts in US trade policy and positioning after a rapid run-up.