LONDON: Britain’s FTSE 100 closed more than 1 percent higher on Monday as lower oil prices helped ease inflation worries and rising gold prices lifted the stocks of precious metal miners, while investors assessed the UK’s latest jobs report.
The blue-chip FTSE 100 index rose 1.02 percent to 10,782.87 points, while the midcap FTSE 250 was up 0.8 percent.
Precious metal miners rose 4.5 percent, tracking higher gold prices, with Fresnillo, Antofagasta and Anglo American among the benchmark index’s top gainers.
Gold prices were up 1 percent after lower oil prices eased inflation concerns, while investors awaited US inflation data due later this week that could shape expectations for the Federal Reserve’s rate path.
Although gold is typically seen as an inflation hedge, higher interest rates tend to reduce the appeal of non-yielding bullion.
Brent crude fell more than 4 percent, weighing on energy stocks, after US President Donald Trump said renewed strikes on Iran were unlikely, although attacks on ships near the Strait of Hormuz continued to fuel supply concerns.
On the data front, Britain’s jobs market cooled in October, but starting salaries for permanent jobs rose at a faster pace, according to a survey of recruiters published on Monday.
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