New York, Jan 29, 2026, 20:57 EST — The market has closed.
- Newmont fell 3.8% on Thursday, closing at $126.93 and ending its five-day rally
- Gold plunged after reaching a new high, sparking profit-taking among miners
- Attention shifts to bullion’s next move and Newmont’s earnings due after the close on Feb. 19
Newmont Corp (NEM) shares dropped 3.8% Thursday, closing at $126.93 after fluctuating between $123.68 and $134.70. The stock showed little movement in after-hours trading. Volume hit roughly 15.1 million shares, while Royal Gold slipped 3.1%. 1
The slide is significant since miners have been acting like a leveraged bet on gold’s January rally, and the sell-off can accelerate quickly if bullion drops. With U.S. markets closed until Friday, attention now turns to whether Thursday’s metal move sticks.
Spot gold — the cash price — took a sharp tumble, plunging over 5% from a record $5,594.82 to a low of $5,109.62 before settling 1.3% lower at $5,330.20 by 1:30 p.m. ET. Still, it’s up roughly 24% for January and 7% on the week. “We are seeing a dramatic sell-off after precious metals made new recent all-time highs,” said David Meger, director of metals trading at High Ridge Futures. UBS lifted its gold forecast to $6,200 for the first three quarters of 2026, while Brian Lan of GoldSilver Central noted that investors “always like to go where they can get high returns.” 2
Newmont surged 3.9% to $131.95 on Wednesday, marking its fifth consecutive gain and hitting a fresh 52-week high. Trading volume also topped its 50-day average during the session. 3
For Newmont, the calculation is straightforward: rising gold prices push revenue up, while costs usually lag behind. This operating leverage can expand margins during a rally but also works against the company when prices fall sharply.
Newmont is gearing up to report its fourth-quarter and full-year 2025 results. The company plans to release the numbers after North American markets close on Feb. 19, followed by a conference call at 5:30 p.m. EST that day. 4
The risk for bulls lies in gold’s pullback deepening, potentially dragging down the sector’s recent momentum. Newmont’s latest quarterly update in October flagged that its 2026 gold production is expected near the lower end of 2025’s forecast, underlining that output and costs remain crucial despite gold’s high prices. 5
Friday’s open will hinge on bullion prices and shifts in U.S. real yields, key drivers for demand in non-yielding assets like gold. A steep drop in the metal again would probably weigh heavily on miners.
After the next session, Newmont’s next major catalyst arrives on Feb. 19. That’s when investors will scrutinize guidance and cash-flow details released with the quarterly earnings.
