London's equity markets closed in positive territory on Wednesday, 14th January 2026, buoyed by a surge in safe-haven demand for gold which propelled mining stocks higher. The gains unfolded against a backdrop of simmering geopolitical tensions and fresh economic data from the United States.
Market Performance and Key Drivers
The FTSE 100 index advanced by 47.00 points, or 0.5%, to settle at 10,184.35. The domestically-focused FTSE 250 also edged higher, adding 25.34 points (0.1%) to close at 22,957.31. The AIM All-Share index gained 2.64 points, finishing at 801.69.
The primary catalyst for the day was the remarkable strength in the precious metals market. Gold was quoted at $4,621.15 per ounce, rising from $4,598.33 and having earlier set a fresh all-time record of $4,638.0. This firming price directly benefited London-listed mining giants.
Winners and Losers on the FTSE
Commodities trader and miner Glencore led the blue-chip risers, climbing 3.0%, with Rio Tinto also posting a solid gain of 2.3%. However, not all shares enjoyed the upward momentum. Pearson was the worst performer on the FTSE 100, plummeting 9.6% following a trading update, despite reiterating its medium-term sales growth outlook and reporting underlying group sales growth of 4% for the year.
On the FTSE 250, recruitment firm Hays fell 5.0% after reporting a 9% year-on-year contraction in net fees for its second quarter. In contrast, Atalaya Mining rose 1.9% after announcing its 2025 copper production of 51,139 tonnes neared the top of its guidance range.
International Context: Data and Diplomacy
While London markets gained, attention was divided between economic indicators and geopolitical developments. In the US, producer price inflation for November rose at a faster 0.2% pace, with the annual rate reaching 3.0%, exceeding analyst expectations. Conversely, existing home sales showed improvement, increasing by 5.1% month-on-month in December.
A significant diplomatic development emerged as Denmark announced it would strengthen its military presence in Greenland "from today". This move came just ahead of high-stakes talks in Washington DC concerning former US President Donald Trump's threats regarding the Arctic island.
In European equities, the mood was more subdued. The CAC 40 in Paris closed down 0.1%, and Frankfurt's DAX 40 ended 0.4% lower. Across the Atlantic, New York stocks were in the red, with the Dow Jones down 0.2%, the S&P 500 off 0.7%, and the Nasdaq Composite falling 1.2%.
Currency, Oil, and Looking Ahead
In currency markets, the pound strengthened to $1.3450 at the London close, up from $1.3428. The euro also firmed against the dollar to $1.1656. The dollar weakened against the yen, trading at 158.25 yen.
Brent crude oil was quoted at $65.97 a barrel. This followed a report from the US Energy Information Administration showing a larger-than-expected build in crude stockpiles of 3.4 million barrels for the week ending 9th January.
The economic calendar for Thursday, 15th January, is packed. The UK will release GDP, trade balance, industrial production, and construction output data. From the US, weekly jobless figures and retail sales numbers are due. Corporate updates are expected from several UK firms including Taylor Wimpey and Rathbones.
