UK hit by record rise in fuel prices, and ‘biggest mortgage shock since mini-budget’ as Iran war bites – business live

Gold is under pressure today, with the spot price down about 3% as markets reprice the Iran conflict after Donald Trump’s address offered no clear off-ramp and instead raised the prospect of heavier strikes over the next 2-3 weeks. The move has hit London-listed precious metals miners hard: Fresnillo fell 5.7% and Endeavour Mining 5.3% in early trade, reflecting a sharp reversal in the risk-off bid that had lifted bullion earlier in the week. The broader read-through is that traders are back to pricing in a longer period of Gulf supply disruption and elevated macro uncertainty, but the immediate market reaction is not a straight safe-haven bid for gold. Instead, the combination of firmer inflation/energy risk and fading hopes of a quick conflict resolution is hitting rate-sensitive assets and growth-sensitive miners, while gold itself corrects from the prior two-session rally. Near term, watch whether the market treats any further escalation or threats to the Strait of Hormuz as bullish for bullion, or whether higher real-rate fears continue to cap upside and keep pressure on miners.