FTSE 100 today: Hits record on mining rally; pound softens on by-election upset

UK equities hit a record, driven by a mining-led rally, while GBP softened on a by-election surprise. A broad-based bid in miners typically supports precious-metals equities (and can be consistent with improved metals price expectations or risk-on rotation into resources). Near-term, watch whether the mining strength is led by gold/silver names versus bulk/energy-exposed miners; leadership by precious-metals miners would be more supportive for XAU/XAG-linked equities. GBP weakness can marginally benefit UK-listed miners’ translated earnings, potentially reinforcing relative strength in the space.