London mining stocks fell as investors waited for progress in the Middle East peace agreement.

London mining stocks fell in opening trading as gold prices fell, and investors awaited clear signs of progress in reaching a peace agreement between the United States and Iran. Gold prices fell by 2.4% to $4,442 per ounce, under pressure as investors lowered their expectations for a Federal Reserve interest rate cut. Lower borrowing costs typically support non-yielding assets like gold. Higher inflation and rates will also impact market sentiment and demand for metals. Precious metal miner Hochschild Mining fell by 6%, while fellow miners Fresnillo dropped slightly over 4%. Copper miner Antofagasta and diversified miner Anglo American both fell by approximately 4.2%. Commodity giant Glencore fell by 2.5%.