FTSE 100 Inches Lower But Miners Rally as Gold Tops $5,000

The FTSE 100 slipped around 0.1% on Monday, moving slightly lower alongside broader European markets.

The DAX also fell 0.1%, the CAC 40 declined 0.3% and the STOXX 600 was flat as investors adopted a cautious stance.

A sharp rally in precious metals has provided one of the session’s standout moves. Spot gold surged above $5,000 for the first time before briefly topping $5,100. It currently trades near $5,090 as investors continue to take a risk-off approach. Spot silver also jumped more than 6%, climbing above $109.

The surge in precious metals lifted heavyweight mining stocks on the FTSE 100, with Fresnillo up 4.4%, Antofagasta rising 3% and Endeavour Mining gaining 2.9%.

In corporate developments, GSK said the European Commission has approved its adjuvanted recombinant RSV vaccine, Arexvy, for use in adults aged 18 and over. The authorisation expands potential access to the vaccine across the European Union and marks a significant regulatory milestone for the pharmaceutical group.

Elsewhere, Ryanair raised its full-year passenger outlook after reporting third-quarter passenger numbers of 47.5 million, a 6% increase. The airline now expects full-year traffic to grow 4% to almost 208 million passengers, an upgrade of one million from previous guidance, reflecting strong demand and earlier-than-expected Boeing aircraft deliveries.

Among today’s laggards, Reckitt Benckiser fell 3.9%, while Experian dropped 2% and Ashtead Group declined 1.9% as broader market caution weighed on several consumer and industrial names.