London mining stocks fall due to the decline in precious metal prices.

London-listed mining stocks fell in early trading, as precious metal prices declined. Analysts at ANZ Bank wrote that industrial metals were also under pressure due to supply concerns and economic uncertainty. The rise in oil prices sparked by Middle East conflicts is exacerbating inflation concerns and could lead to US interest rates staying at higher levels. Lower borrowing costs typically support non-yielding assets like gold. Investors are also fleeing to the US dollar, making bulk commodities priced in dollars more expensive for overseas buyers. Gold futures fell 0.9% to $5,080 per ounce, while silver dropped 3.5% to $82.14 per ounce. Precious metal miner Hochschild Mining fell 5.7%, fellow Fresnillo dropped 4%, and Endeavour Mining fell nearly 3%. Diversified miner Anglo American Resources Group dropped 3%, while commodity giant Glencore fell 1.6%.