New York, Jan 29, 2026, 14:53 EST — Regular session
- Newmont shares dropped over 4% following a five-day rally
- Gold plunged sharply following a fresh record high reached earlier Thursday
- Traders are focused on bullion’s next move and Newmont’s results due on Feb. 19
Newmont Corp shares dropped 4.2% to $126.35 Thursday afternoon, following a steep retreat in gold prices after the metal set a new record.
This shift is significant as Newmont had been benefiting from a rally in gold that lifted miners through late January. The stock ended Wednesday up 3.9% at $131.95, marking its fifth consecutive daily rise and hitting a fresh 52-week high that day.
Gold fell roughly 1.3% by early afternoon in New York, after hitting $5,594.82 briefly before plunging over 5% to a session low of $5,109.62. The sharp move also dragged down gold equities.
“After precious metals hit fresh all-time highs, we’re witnessing a sharp sell-off,” said David Meger, director of metals trading at High Ridge Futures. Reuters
Despite Thursday’s pullback, spot gold has climbed roughly 24% this January and gained about 7% over the past week, maintaining strong momentum for miners—for the moment.
The recent shakeup comes after Wednesday’s Federal Reserve announcement to keep rates unchanged. Investors are also digesting fresh geopolitical strains involving Iran, alongside doubts over who will succeed Jerome Powell as Fed chair when his term expires in May.
Gold demand grabbed attention again. Tether’s CEO revealed plans to put 10%-15% of its investment portfolio into physical gold. At the same time, the SPDR Gold Trust, the biggest gold-backed ETF, saw its holdings climb to a level not seen in almost four years.
Newmont wasn’t the only one sinking. Agnico Eagle Mines dropped 4.2%, while Royal Gold slipped 3.7% in afternoon trading, as investors pulled back across the sector.
The risk for Newmont bulls is straightforward: bullion is showing signs of volatility. Reuters quoted Marex’s Guy Wolf, who said speculative inflows have pushed some precious metals prices “totally detached” from physical demand — a situation that could hit miners hard once the momentum fades. Reuters
Investors will next focus on whether gold holds its ground following a wave of profit-taking. Attention is also on Newmont’s fourth-quarter and full-year 2025 earnings, set for Feb. 19, for fresh details on costs, production, and capital returns.
