FTSE 100 mining stocks are higher today as gold and silver prices continue to climb, with US inflation data due later in the session setting up the next test for the rally.
Gold traded near $4,399 an ounce, up 0.66% on the day, while silver stood near $65.51 an ounce, up 1.30%, according to Trading Economics. Gold is up around 31% over the past year and roughly 10% in the past month, while silver has gained about 70% over the past year and 14% over the past month.
The rise in metals prices has lifted the London-listed miners with the most direct exposure to gold, silver and copper. Fresnillo (LON: FRES), the world’s largest primary silver producer, which also mines gold in Mexico, rose 1.02% to 2,978p from a previous close of 2,948p. Anglo American (LON: AAL), the diversified miner with iron ore, copper and platinum group metals operations, added 0.78% to 4,052.5p.
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Antofagasta (LON: ANTO), the Chilean copper producer, gained 0.32% to 4,038p, while Rio Tinto (LON: RIO), the diversified major with iron ore, aluminium and copper interests, rose 0.61% to 7,543p. Glencore (LON: GLEN), the diversified miner and commodities trader, was up 0.87% at 579.2p.
The move continues a pattern that has held for weeks rather than marking a fresh shock: metals have been rallying steadily through August, and the miners have tracked the moves in gold and silver up and down through the month.
The next scheduled catalyst is US inflation data for July, due at 1:30pm BST today. Economists expect annual CPI to ease to around 3.4% with a 0.1% monthly rise, according to Trading Economics, though this remains a forecast rather than a result. A softer print would likely support further gains in gold, silver and the miners tracking them, while a hotter number could push real yields and the dollar higher and pressure the sector.
