Sydney, Feb 1, 2026, 16:54 AEDT — The market has closed.
- Northern Star ended Friday’s session down 1.9%, closing at A$28.94 following a volatile trading day.
- Gold and silver slid late in the month, prompting traders to brace for heightened volatility on Monday.
- The miner’s upcoming catalyst is its FY26 half-year results, set for Feb. 12.
Northern Star Resources (NST.AX) closed Friday 1.9% lower at A$28.94, having fluctuated between A$28.30 and A$29.75 during the session. The stock wrapped up January roughly 18% higher, comparing its Jan. 2 and Jan. 30 closing prices. (Investing)
The local market is closed for the weekend, leaving one clear question: will the metal rebound, or will selling pressure return once the Australian Securities Exchange opens on Monday?
Gold plunged 4.7% on Friday, closing at $5,143.40 an ounce, while silver tumbled 11% to $103.40. Both had hit record highs just the day before. Ross Norman summarized the move bluntly: “Precious metals have discovered gravity.” Ole Hansen of Saxo Bank added that the recent surge left the market “ripe for a correction.” (Reuters)
In Australia, materials took a beating on Friday. Genesis Minerals Ltd and Newmont Corporation were some of the steepest losers as commodity prices pulled back. (Market Index)
Volatility is now hitting the core. CME Group hiked “performance bond” requirements — the margin traders need to post — for gold and silver futures following recent swings. The increased rates take effect after the close on Feb. 2. (CME Group)
Northern Star’s latest update dropped earlier this month. In its December-quarter report dated Jan. 22, the company said it sold 348,061 ounces of gold at an all-in sustaining cost (AISC) of A$2,937 per ounce; AISC combines operating expenses and ongoing capital costs. It also revised FY26 guidance to 1.6–1.7 million ounces, with AISC expected between A$2,600 and A$2,800, citing one-off operational issues. Managing Director Stuart Tonkin noted the balance sheet “remains in a net cash position” and highlighted growing free cash flow as production ramps up and the hedge book — forward sales contracts — unwinds. (NSR Ltd)
The metal price is the key driver, and it shifts quickly. If gold continues to drop through February, higher-cost producers take the hit first, and the market grows restless over meeting guidance.
On Monday, eyes will be on bullion during early Asian trading and the broader mood in commodity-linked risk assets. A stable gold price could ease pressure on the sector, though recent sessions have shown just how fast that sentiment can shift.
Northern Star’s next big event is its FY26 half-year results, set for Thursday, Feb. 12. (NSR Ltd)
