It’s been a bruising morning so far for precious metals miners on the FTSE 100, with Fresnillo PLC (LSE:FRES) and Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2) among the heaviest fallers as gold and silver pull back from recent highs.
Fresnillo is down 4.1% at 3,481p, while Endeavour Mining has slipped 2.5% to 4,463p. Gold has dipped 0.3% to $5,090 an ounce after approaching $5,300 earlier this week, and silver has retreated 1.3% to $82.71, down from $85.97.
Both metals have cooled from late January peaks (gold flirted with $5,600), reminding investors that the rally has been volatile.
The pullback comes as markets reassess expectations for monetary policy easing.
Recent optimism over interest rate cuts has helped fuel the metals rally: falling rates usually weaken the dollar and boost non-yielding assets like gold. Any hint that central banks might hold steady can quickly reverse those gains.
The retreat highlights just how tied these miners’ fortunes are to metal prices. Since the start of 2025, gold has jumped roughly 75% and silver a remarkable 210%, turbocharging earnings and pushing both Fresnillo and Endeavour into FTSE 100 star territory.
The two companies have different profiles. Endeavour is a pure-play gold producer, operating five mines across Burkina Faso, Côte d’Ivoire, and Senegal.
Fresnillo, on the other hand, has dual exposure: it’s the world’s largest silver producer as well as one of Mexico’s top gold miners, meaning today’s silver drop hurts on two fronts.
Even so, analysts remain broadly positive. Endeavour reported record cash flow for 2025, and JPMorgan lifted its price target to 6,300p last month, suggesting confidence in the longer-term outlook despite the short-term jitters.