Mining stocks slide as gold, copper prices retreat on Iran fears

London-listed mining stocks slid Friday after renewed U.S.-Iran tensions prompted a broad selloff in precious metals and commodities. Spot gold fell about 2.6% to $4,566.75/oz (05:05 ET), pressuring major miners — Antofagasta (-7.4%), Anglo American (-5.7%), Rio Tinto (-3.5%), Endeavour Mining (-3.4%) and BHP (-3.8%). Copper also weakened (around -4.3%), while crude oil rose, having traded above $100/barrel earlier, stoking inflation and reinforcing expectations of a higher-for-longer Fed. Higher rates reduce gold’s appeal, and bullion remains roughly 25% below its January peak. The move hit mining equities across the FTSE, reflecting risk-off flows tied to geopolitical uncertainty, though longer-term fundamentals for copper (AI, grid upgrades, energy transition) remain supportive.