Rio Tinto and rival miners rose on Tuesday as a rebound in gold and silver, driven by hopes of an Iran ceasefire, lifted risk appetite across the sector.
Gold and silver prices have swung sharply through 2026, and Tuesday’s bounce is the latest leg of that volatility rather than a fresh trend.
Rio Tinto (LSE:RIO) shares are trading at 6,704p, up 1.1% on the day, having touched an intraday high of 6,743p against Monday’s close of 6,628p. The move is more modest than at some peers: Antofagasta is up 4.3%, Fresnillo 3.1% and Anglo American 2.3%, reflecting Rio Tinto’s broader exposure to iron ore and aluminium alongside copper. The shares remain well below the 52-week high of 9,117p struck in May, having also traded as low as 4,130.75p over the past year.
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Ceasefire hopes ease inflation fears
Spot gold rose 0.9% to above $4,040 an ounce on Tuesday, while silver jumped 2.2% to $57.67. The move followed reports that mediators, Qatar, Egypt and Pakistan, had presented Iran with a proposed 10-day ceasefire, easing fears that renewed US-Iran conflict would keep oil prices, and therefore inflation, elevated for longer. Tastylive strategist Ilya Spivak told Invezz that gold appeared to be “building a base” around the $4,000 level, with scope to extend gains if that support holds. Rio Tinto’s copper business also produces gold and silver as by-products, giving the group some direct leverage to the precious metals move, though less than dedicated gold and silver miners.
Gold and silver have been unusually volatile this year: silver still trades some 52% below its January record above $121, according to GoldSilver.com, after a “historic” sell-off earlier in 2026 that briefly wiped out mining-sector gains, as reported by CNBC. Tuesday’s rebound reverses only part of a sharp correction seen over the past fortnight, when both metals fell on a stronger dollar and higher Treasury yields.
Rio Tinto shares carry an average Wall Street price target of around 7,594p. Sentiment across the mining sector has been broadly constructive in recent weeks; earlier this month, Interactive Investor’s Richard Hunter said mining stocks were “squarely back in fashion” after a similar metals-led rally, when JPMorgan upgraded Antofagasta to “overweight” with a 4,500p target.
The next scheduled catalyst for Rio Tinto is its half-year results, due after market close on 28 July, which should give more detail on iron ore and copper output. The US Federal Reserve also meets on 28-29 July, with markets pricing only a modest chance of a rate move; any further easing in oil prices or progress on an Iran ceasefire could determine whether gold and silver’s rebound extends, or proves another false start in a volatile year for precious metals and the miners tied to them.