London pre-open: FTSE seen lower as metals prices slide
By Michele Maatouk
Date: Monday 02 Feb 2026
(Sharecast News) - London stocks were set to slump at the open on Monday as gold, silver and copper prices slid, as investors eyed policy announcements this week from the Bank of England and the European Central Bank and the latest non-farm payrolls report.
The FTSE 100 was called to open around 65 points lower.
Gold futures on Comex were down 3.9% at $4,529.70 an ounce, while silver was 4.4% lower at $74.98. Base metals copper, tin and zinc also fell sharply.
Kathleen Brooks, research director at XTB, said: "Risk aversion is gripping financial markets this morning, as the gold and silver sell off deepens.
"If the selloff continues, then gold and silver are at risk of eroding their losses for the year so far. The historic move lower in silver prices has not stemmed a fall at the start of this week. Traders have not yet found a level that they are happy to buy the dips, and the timing of Chinese Lunar New Year in mid-February could accelerate the sell off, as Chinese traders reduce risk ahead of the holiday.
"Although Friday's sell off was exacerbated by President Trump's choice of Kevin Warsh as his pick for the next Fed chairman role, the continued selling pressure is a sign of an extremely crowded trade that is unwinding, and it may take time to return to normal.
"Silver has been defying gravity in recent months, and the record highs it was delivering on a near daily basis were divorced from reality. Some analysts believe that silver's fair value lies in the $60's handle, which suggests that the selloff may persist.
"The selloff in gold and silver is weighing on other financial markets as we start a new week. There has been a flight to safety. Stock futures are pointing to large losses for US stocks, with Dow Jones futures pointing to a 400 point loss later today. European stock futures are also lower, with a 0.8% loss expected for the FTSE 100."
On home shores, industry research showed that house price growth slowed in December.
According to the latest Nationwide house price index, growth was 0.6%, down from November's 1.8% jump. It was the slowest pace of growth since April 2024.
However, despite the softer end to the year, Nationwide said the housing market had overall proved resilient over the course of 2025.
In corporate news, drugmaker AstraZeneca said that its gastric and gastroesophageal junction cancer treatment, Imfinzi, has been recommended for approval in the European Union by the Committee for Medicinal Products for Human Use.
If approved, AstraZeneca said Imfinzi, used in conjunction with standard-of-care FLOT chemotherapy, would mark the first immunotherapy-based perioperative therapy available to patients in this setting in the EU.
Elsewhere, animal genetics firm Genus hailed the successful formation of its Chinese porcine joint venture on 31 January.
As announced in September last year, Genus said it believes its joint venture partnership with Beijing Capital Agribusiness provides the best platform to accelerate the growth of the PIC China business.
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