I think these top UK shares could continue delivering stunning price gains for the rest of the year (and potentially in years to come). Here’s why.
Gold star
Gold prices are surging as worries over the macroeconomic and geopolitical landscape intensify. Bullion touched new all-time peaks near $3,677 per ounce on 9 September on weak US jobs data and rising expectations of inflation-fuelling Federal Reserve interest rate cuts.
Gold prices are now up 45% in the year to date, pushing mining shares sharply higher in the process. Serabi Gold‘s (LSE:SRB) a London-listed gold stock whose shares have more than doubled as a result.
Its outperformance is thanks to two factors. Production at the Brazilian company is booming, giving it extra exposure to the resurgent gold price. Ramp-ups at its Coringa assets meant it dug out 20,245 ounces of the yellow metal in the first half, up 14% year on year.
Serabi’s supersized price gains also reflect miners’ ability to grow earnings faster when metal prices rise. This is because while their costs remain relatively fixed, their turnover typically rises in line with the commodity they produce, driving profits sharply higher.
Serabi’s own earnings rose 102% in the first half. By contrast, gold prices rose by a lower (though still impressive) 26%. Be mindful though, that this ‘leverage’ effect can work to miners’ detriment during bear markets when profits can topple.
I think this particular miner could be a great long-term share to consider as it continues to steadily grow production. It expects to produce 100,000 ounces of gold in 2028, up significantly from the 37,520 ounces reported last year.
Copper hero
Precious metals aren’t the only rapidly rising commodities right now. The copper price is also storming higher, breaching $10,000 per tonne in recent days as supply concerns mount.
The red metal’s up 14% in the year to date, and warnings from Codelco that Chilean production could stabilise at around 5.5m tonnes a year suggest strength could be sustained. This could make Atalaya Mining (LSE:ATYM) — which has risen 47% in value so far in 2025 — another great way to consider leveraging rising metal prices.
As with Serabi Gold, operational issues are an ever-present danger for the copper miner. But right now it’s assets are firing on all cylinders, providing an extra boost to the company’s share price.
Atalaya’s first-half output leapt 23% thanks to improved ore grades and strong plant performance, to 27,466 tonnes. This in turn prompted the Spanish miner to raise full-year production forecasts. All-in sustaining costs (AISC) are also toppling, down 13% between January and June to $2.78 a pound.
I think Atalaya’s profits could soar over the long term as themes like the green economy and increasing digitalisation drive copper demand. The company also has a strong balance sheet it can utilise to fund its exploration and development projects. It recorded net cash of €70.1m as of June.
But be aware that earnings could experience turbulence should economic conditions worsen and industrial metal consumption weaken.
