FTSE 100 Falls Following Trump Tariffs; Fresnillo Rises as Gold and Silver Surge

The FTSE 100 fell 0.4% on Monday as European markets slumped following fresh tariff threats from US President Donald Trump that rattled global risk sentiment. The DAX slid 1.1%, the CAC 40 dropped 1.4% and the Stoxx 600 declined 1.1%.

Investors reacted to Trump’s weekend announcement outlining plans for new U.S. tariffs on goods from several European countries, including the United Kingdom.

The levies, set to take effect on February 1 at 10%, could rise to 25% by June 1 if no agreement is reached. The escalation prompted concerns over higher import costs and the potential for economic strain on both sides of the Atlantic.

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The shift into safe havens lifted precious metals sharply. Spot gold climbed 1.7% and silver surged 3.3%, boosting London-listed miners.

Fresnillo led the FTSE 100, rising 4.5%, supported by its position as the world’s largest primary silver producer and Mexico’s biggest gold miner. Other resource stocks also advanced, including Endeavour Mining, up 1.9%, Antofagasta, up 1%, and Glencore, up 0.4%.

Defence names benefited from the deteriorating geopolitical backdrop, with BAE Systems up 2% and Babcock International gaining 1.9%.

By contrast, consumer and industrial names weighed on the index. Burberry dropped 2.8%, Spirax-Sarco Engineering fell 2.5% and Smith & Nephew slipped 2.2%.

Outside the FTSE 100, WH Smith jumped 10% after announcing its intention to appoint Leo Quinn as executive chairman from April 7, 2026. The company highlighted Quinn’s more than 20 years of leadership experience at U.K.-listed firms, most recently as CEO of Balfour Beatty.