Endeavour and Fresnillo slide as gold weakens on trade deal optimism
Last updated: 11:15 27 Jun 2025 EDT, First published: 11:11 27 Jun 2025 EDT
Shares in London-listed precious metals miners took a hit on Friday afternoon, with Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) down 2.5% and Fresnillo PLC (LSE:FRES) dropping 3.2%, as gold prices extended their decline on reports of a breakthrough in US-China trade negotiations.
The price of gold fell below $3,300, with analysts noting a shift in investor appetite towards riskier assets and away from traditional safe havens.
This comes ahead of several key US data releases, including the core Personal Consumption Expenditures (PCE) index, widely viewed as the Federal Reserve’s preferred inflation gauge. A rise in core PCE could influence expectations for interest rate cuts.
Market focus also turned to US consumer sentiment data from the University of Michigan, which may provide further insight into the economic outlook.
Despite growing expectations of a 25 basis point rate cut by the Fed in September, optimism over trade progress and a rebound in equities is putting pressure on bullion.
Spot gold fell 2.25% to $3,269.20.
