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London's FTSE 100 climbs as miners gain on firmer gold prices

By Reuters News

Nov 9 (Reuters) - Britain's FTSE 100 rose on Monday as lower oil prices helped ease inflation worries and rising gold prices lifted stocks of precious metal miners, while investors assessed the UK's latest jobs report.

The blue-chip FTSE 100 index .FTSE rose 0.6% to 10,746.09 points by 1054 GMT, while the midcap FTSE 250 .FTMC slipped 0.4%.

  • Precious metal miners .FTNMX551030 rose 3.4% tracking higher gold prices, with Endeavour Mining EDV.L, Antofagasta ANTO.L and Anglo American AAL.L among the benchmark index's top gainers

  • Gold prices were up 0.7% 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

  • Oil prices fell more than 1%, 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

  • The household goods index .FTNMX402020 was the worst-performing sector, falling 1.1% as homebuilders Persimmon PSN.L and Barratt Redrow BTRW.L lost about 1.5% each

  • 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, GSK GSK.L rose 1% after the British drugmaker said on Friday it had settled patent litigation with Moderna MRNA.O related to COVID-19 vaccines Spikevax and mNEXSPIKE, and RSV vaccine mResvia, ending lawsuits that alleged the shots infringed GSK's patents

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