Prices of both precious and industrial metals are surging right now. Here are two top FTSE 100 stocks to consider in the current climate.
Bullion boom
Gold prices have soared to new record highs of around $3,580 per ounce in recent days. I’m confident they can continue rising as growing economic- and political-related concerns fuel precious metal demand from retail investors.
Gold prices have also doubled in less than three years. Swathes of analysts share my optimism that they can continue marching northwards. Goldman Sachs, for instance, expects them to hit $4,000 an ounce by the middle of next year. And in recent days, banks have said prices could even reach $5,000 if fears over the Federal Reserve’s independence prompt heavy selling of shares, bonds and the US dollar.
Investors can capitalise on further price rises by considering precious metal stocks such as Fresnillo (LSE:FRES). This strategy involves greater risk than buying physical metal or an exchange-traded fund (ETF) that tracks the commodity price. But it can also provide greater rewards, as producer profits can grow stronger than the metal price when investors pile into gold.
This is reflected by Fresnillo’s 216% share price rise in 2025. That’s greater than the 35% increase in gold prices over the period.
On top of this, holding gold stocks often provides an added bonus of dividend income. In the case of this Mexican miner, the forward yield for 2025 is a healthy 3.1%. But remember that dividends are never guaranteed.
I like this FTSE company specifically because it mines for gold and silver which provides diversification benefits. While silver prices are also soaring (recently touching 14-year highs), remember that the grey metal is also used extensively in industry, which could leave it vulnerable if economic conditions worsen.
Copper giant
Copper prices have also enjoyed strong gains in 2025, albeit by a more modest 13%. Their ascension to around $10,000 per tonne has driven Antofagasta‘s (LSE:ANTO) share price 34% higher since 1January, the copper miner (like Fresnillo) benefitting from the ‘leverage’ effect.
In the short term, copper stocks like this could be vulnerable to a sharp economic slowdown that impacts metal demand — and by extension, prices. Copper’s used extensively across many cyclical industries including electronics, construction and automobiles.
But I believe the red metal will rise sharply over the long term, making Antofagasta — which is one of the world’s top 10 copper miners by volume — a top Footsie share to consider.
Analysts expect copper consumption to explode as the electric vehicle (EV) and renewable energy sectors rapidly grow. Major supply shortages also bode well for metal prices thanks to a dearth of new projects coming onstream.
Antofagasta’s enormous scale puts it in great shape to exploit any price-boosting copper shortages. Indeed, it’s seeking to raise annual output to 900,000 tonnes in the coming years thanks to asset expansions and new growth projects.
The Chilean miner produced 314,900 tonnes of copper in the first half of 2025, up 11% year on year.
