Fresnillo shares rose 5% on Monday, 9 November 2026, closing up 125p at 2,638p as gold climbed back above $4,100 an ounce and silver extended its rally. The precious metals miner was among the FTSE 100's leading gainers on a day when falling oil prices eased inflation worries and lifted mining stocks across the London market.

The shares had risen 2.8% to 2,582p by mid-morning and around 3% in early trading, before strengthening further into the close. Fresnillo, the world's largest primary silver producer, benefited from gains in both of the metals it mines, with silver rising alongside gold.

Gold reclaims $4,100 as oil slides

Spot gold rose 1.4% to $4,123 an ounce, while gold futures settled 1% higher in New York at $4,105 a troy ounce. Silver gained 1.75% to $52.85 an ounce, and silver futures rose 1.5% to $52.564 an ounce. Gold had gained more than 4.3% over the past week, and silver more than 4.1% over the same period.

The move in precious metals came as oil prices fell sharply. Brent crude dropped about 5% after United States President Donald Trump said on Sunday that further strikes on Iran were highly unlikely while talks to end the conflict continued. Lower oil prices ease inflation concerns, which in turn supports gold, and they also reduce mining costs.

Miners among the day's strongest stocks

Fresnillo was not alone. Endeavour Mining and Antofagasta were also among the FTSE 100's top risers, and the index itself closed 1.02% higher at 10,782.87. Gold was quoted at $4,097 an ounce early on Monday, up from $4,058.03 on Friday, and copper also recovered, adding to the broad rally across mining shares.

Platinum joined the advance, rising 0.8% to $1,549.30 an ounce. The gains came despite a stronger-than-expected United States jobs report last week, which had pushed market odds of a Federal Reserve rate rise in December to near 80%.

Inflation data next for gold traders

Attention now turns to the United States Consumer Price Index, due on Tuesday, 10 November, with producer price data following on Friday, 13 November. The figures will shape expectations for the Federal Reserve's December meeting and are likely to set the tone for gold in the coming days.

For Fresnillo, Monday's rise continues a strong run: the shares have gained 18% over the past five sessions, according to market data, although they remain below their 52-week high of 4,470p. Whether the rally holds may depend on Tuesday's inflation reading and on whether oil stays below $100 a barrel.