Sydney, Jan 28, 2026, 16:57 AEDT — The market has closed.
Northern Star Resources Ltd (NST.AX) closed Wednesday 3.6% higher at A$28.71, with bullion prices hitting new records. The shares fluctuated between A$27.68 and A$28.86 during the session. 1
Gold surged past $5,200 an ounce overnight, hitting a record high of $5,247.21 before pulling back slightly to around $5,243.58. Kelvin Wong, senior market analyst at OANDA, attributed the jump to a strong inverse relationship with the dollar. 2
In Australia, hotter-than-expected inflation has pushed bets that the Reserve Bank of Australia might raise rates as soon as Feb. 3. This scenario could jostle the Australian dollar and, by extension, local gold margins. “Demand is running ahead of supply,” said Adam Boyton, head of Australian economics at ANZ. 3
This mix matters now since gold miners act like a leveraged bet on the metal: slight price changes can lead to much larger swings in cash flow.
Despite the recent surge, some analysts argue demand for bullion remains strong. “The only certainty at the moment seems to be uncertainty,” said independent analyst Ross Norman. 4
Northern Star on Jan. 22 downgraded its FY26 production forecast to between 1.6 million and 1.7 million ounces, while raising its all-in sustaining cost (AISC) guidance to A$2,600-A$2,800 an ounce. Managing director Stuart Tonkin emphasized the company’s push on “driving productivity improvements and strengthening cost discipline.” In the December quarter, it sold 348,061 ounces at an AISC of A$2,937 and reported hedging commitments totaling 1.118 million ounces at an average price of A$3,333. 5
These hedges take the form of forward sales contracts that fix prices in advance. While they cap gains when spot prices spike, they also cushion losses if the metal’s price falls.
Costs are heading in the wrong direction, and with major build and optimisation projects underway at KCGM, there’s little margin for delays or new overruns. Even a small slip would probably hit sentiment fast.
Thursday’s session will see traders watching the U.S. dollar and the Federal Reserve decision closely, while also tracking developments around rate-hike talk in Australia.
Northern Star’s next major checkpoint comes with its FY26 half-year results on Feb. 12. Investors will be watching closely for updates on guidance, capital expenditure, and hedging strategies. 6
