Mining Stocks Drive Early-Week Rally in Mexican Markets

Mexico’s stock markets began the week with gains, supported by advances in mining shares that lifted key indices. Industrias Peñoles recorded one of the largest increases, contributing to the overall rise in the market.

The S&P/BMV IPC, the main index of the Mexican Stock Exchange (BMV) tracking the most actively traded domestic equities, rose 1.03% to close at 66,745.61 points. The FTSE BIVA index of the Bolsa Institucional de Valores advanced 0.91%, settling at 1,318.15 points. Most constituents of the benchmark indices ended the session higher, reflecting broad participation across sectors.

Within the S&P/BMV IPC, mining stocks led the gains. Industrias Peñoles increased 8.79% to MX$1,074.08 (US$60.16) per share, while Grupo México rose 3.58% to MX$189.53 (US$10.6). The sector’s performance was closely linked to rising prices for precious metals, which have been supported by a weaker US dollar and heightened market sensitivity to global economic and geopolitical developments.

Precious metals have recorded notable gains this week. On the morning of Jan. 12, gold prices rose approximately 2%, reaching an intraday record near US$4,600/oz. Spot gold increased 1.9% to US$4,596.05/oz, after earlier touching an all-time high of US$4,600.33, while US gold futures for February delivery rose 2.3% to US$4,606.20. Spot silver climbed 5.5% to US$84.32/oz, following an early session high of US$84.60. Platinum and palladium also advanced, with platinum rising 4.6% to US$2,376.75 and palladium up 3.3% to US$1,875.50.

Market analysts point to continued interest in non-interest-bearing assets as a factor behind the metals rally. Zain Vawda, Analyst, MarketPulse by OANDA, noted that “with the Fed’s independence openly questioned, the political risk premium usually applied to emerging markets is now affecting the US dollar, pushing investors toward hard assets.”

Geopolitical developments have further influenced safe-haven demand. Gold prices increased more than 2% on Jan. 5, reaching a one-week high following tensions related to the US capture of Venezuelan President Nicolás Maduro. Vawda highlighted that “gold is benefiting from the heightened tensions between the United States and Venezuela over the weekend. This has boosted demand for the safe-haven metal, adding to the uncertainties already facing market participants.”

Over 2025, precious metals achieved significant gains. Gold surged nearly 64% for the year, marking its largest annual increase since 1979, supported by Federal Reserve interest rate cuts, geopolitical tensions, central bank purchases, and higher exchange-traded fund holdings. Silver rose 147%, fueled by its designation as a critical mineral for the United States, ongoing supply deficits, and rising industrial and investor demand. Other metals recorded gains as well: platinum advanced 3.5% to US$2,218.50/oz, while palladium increased 2.1% to US$1,672.93.