Fresnillo was the biggest faller on the FTSE 100 on Tuesday, 10 November 2026, as a sharp drop in the gold price dragged London-listed precious metals miners lower after hotter-than-expected US inflation data.

Shares in the Mexico-focused silver and gold miner closed down 125p, or 4.7%, at 2,513p. The fall came as gold was quoted at $4,025.90 an ounce late on Tuesday, down from $4,116.80 on Monday, after US consumer prices rose more than economists had forecast.

Gold miners lead the FTSE 100 fallers

Fresnillo was not alone. Endeavour Mining fell 185p, or 4.3%, to 4,099p, while Antofagasta dropped 71p to 3,234p and Glencore slipped 10.8p to 504.6p. In the FTSE 250, Hochschild Mining fell 7.2% to 476.2p.

The selling in miners helped push the FTSE 100 lower. The blue-chip index closed down 31.28 points, or 0.3%, at 10,751.59, after trading as high as 10,868.51 earlier in the session. The FTSE 250, by contrast, ended 40.31 points higher at 24,746.65.

Miners are sensitive to the gold price because lower bullion prices cut the value of the metal they produce and sell. Silver, which is central to Fresnillo's business alongside gold, also fell on Tuesday, adding to the pressure on the shares.

Hot US inflation lifts rate-hike bets

The trigger for the slide was the US inflation report for October. The US Bureau of Labor Statistics said consumer prices rose 0.4% month on month, above the 0.3% rise economists had expected, after a 0.6% increase in September. Core prices, which exclude food and energy, rose 0.3%, above the 0.2% forecast.

The figures landed hours after Federal Reserve Governor Christopher Waller, speaking in London, said a half-point rate rise in December should be considered if core inflation came in at 0.3% or higher. That is exactly the figure the official data then printed.

Higher US interest rates tend to lift the dollar and government bond yields, and both moved higher on Tuesday. A stronger dollar makes gold more expensive for buyers using other currencies, which can weigh on demand, while higher yields raise the cost of holding gold, which pays no income.

The pound was quoted at $1.3323 late on Tuesday afternoon, down from $1.3415 at the same time on Monday, as the dollar strengthened.

Oil slide cushions the wider market

The wider London market was cushioned by falling oil prices. Brent crude shed 0.9% to $91.74 a barrel, while West Texas Intermediate was 0.29% lower at $86.60, as hopes grew that the US-Iran conflict could be moving towards a diplomatic resolution.

Lower oil prices weighed on energy shares, with Shell down 76.5p at 3,624.5p, but they also eased worries about energy-driven inflation for the broader market. Banks and defence stocks were among the risers earlier in the day, partly offsetting the weakness in miners and energy.

For Fresnillo, the day's fall reversed some of the strong gains the shares had made in recent sessions as gold climbed. The company, which operates mines in Mexico including the Saucito silver and gold mine, remains one of the most closely watched miners on the London market because its shares tend to move sharply with the bullion price.

Investors will now watch US producer price data due later in the week, and the Federal Reserve's December meeting, for the next signal on whether interest rates will rise again.