London's FTSE 100 climbs over 1% as firmer gold prices boost miners
Nov 9 (Reuters) - Britain's FTSE 100 closed more than 1% 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 .FTSE rose 1.02% to 10,782.87 points, while the midcap FTSE 250 .FTMC was up 0.8%.
Precious metal miners .FTNMX551030 rose 4.5%, tracking higher gold prices, with Fresnillo , Antofagasta ANTO.L and Anglo American AAL.L among the benchmark index's top gainers
Gold prices were up 1% 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 GOL/
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%, weighing on energy stocks .FTNMX601010, 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 O/R
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
The BoE raised interest rates by a quarter point to 4% last week and its policymakers warned that at least one more increase was likely if the US-Iran conflict continued. Traders expect at least two 25-basis-point hikes in 2027, according to LSEG data
Among individual stocks, Kainos Group KNOS.L fell 12.4% and was the worst performer on the midcap index after the IT software provider kept its H2 guidance unchanged
London-listed shares of Georgia's TBC Bank TBCG.L rose 9.8% and it was the best performer on the midcap index after the firm posted a higher third-quarter net profit on Friday