New York, Jan 28, 2026, 14:36 (EST) — Regular session
Newmont (NEM) shares were up $1.93, or 1.5%, at $128.93 in afternoon trading on Wednesday, after touching a session high of $131.65. The stock’s low was $127.70.
Gold pushed above $5,300 an ounce for the first time, and miners caught a bid. Spot gold — the cash price for immediate delivery — was up 1.9% at $5,289.48 by 12:45 p.m. ET after hitting a record $5,311.31. “The rally in the precious metals have kind of taken on a life of their own at this point,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. (Reuters)
The Federal Reserve held interest rates steady on Wednesday and gave little indication in its latest statement of when borrowing costs might fall again, keeping the market’s focus on the press conference for clues. “The Fed did nothing and did it with conviction,” said Karl Schamotta, chief market strategist at Corpay in Toronto. (Reuters)
Gold miners surged earlier in the week when bullion first cleared $5,100, extending a rally that Reuters said was driven by safe-haven demand and market volatility. Societe Generale analysts said they now see gold reaching $6,000 per ounce by year-end, while City Index analyst Fawad Razaqzada pointed to a weaker dollar and steady central bank demand as key supports. (Reuters)
Ryan McIntyre, president at Sprott Inc, said elevated geopolitical and economic uncertainty has supported gold, alongside central banks buying as they diversify reserves and cut reliance on the U.S. dollar. He also said holdings in physically backed gold ETFs — exchange-traded funds that hold bullion — were up about 20% year on year. (Reuters)
Other miners were mixed on the day. Agnico Eagle Mines was up about 0.4%, while Kinross Gold fell 1.8%; Wheaton Precious Metals gained 1.2%.
Currency moves are part of the story, too. The dollar held gains against the euro and the yen after the Fed stood pat, Reuters reported, which can cool demand for dollar-priced gold if it persists. (Reuters)
On the analyst side, BMO Capital adjusted its Newmont price target to $145 from $114 and kept an outperform rating, according to a MarketScreener report of an MT Newswires note. Scotiabank raised its price target on Newmont to $152 from $114 and kept an Outperform rating, according to TheFly. (MarketScreener)
But the trade is not one-way. “Rallies normally end because the drivers that took people into the gold market originally dissipate – and that’s just not the case,” said Michael Widmer, a commodities strategist at Bank of America, while warning of volatility as investors juggle geopolitical risks and a Jan. 30 U.S. government funding deadline. (Reuters)
Traders are now watching what Chair Jerome Powell says about the rate path and what that means for the dollar and metals. Newmont has its own catalyst on deck: the company said it will release full-year and fourth-quarter 2025 results after North American markets close on Feb. 19 and hold a conference call at 5:30 p.m. EST. (Newmont)
