Gold climbs 3.2% as UK miners rally on US-Iran de-escalation hopes

UK mining stocks have surged with gold up 3.2% and silver jumping 5.7% on continued hopes of US-Iran de-escalation pausing tensions in the Strait of Hormuz. Earlier in the session, following President Trump's announcement to halt a planned naval movement for negotiations, gold rose 2.6%, silver 4.6%, and copper 2.0%, propelling miners like Anglo American (up 7.9%) and Fresnillo (8.6%). The rally has lifted the FTSE 100 by 2.22% and broader European markets over 1%, while oil prices declined amid reduced geopolitical risks.