Sydney, Feb 2, 2026, 16:58 (AEDT) — Market closed
- Evolution Mining closed down following a turbulent session among gold miners
- Bullion’s steep slide deepens as futures margins climb and traders pare back risk
- Attention shifts to Tuesday’s central bank decision and next week’s half-year update from Evolution
Shares of Evolution Mining (EVN) fell 5.6% to close at A$13.88 on Monday, having dipped as low as A$13.28 earlier—a near 10% slide from Friday’s finish—before clawing back some ground. Northern Star Resources, a close competitor, dropped roughly 8%. (Investing)
This shift is significant since gold stocks have been pulling in heavy cash flows heading into month-end—then the floor gave way. When the metal takes such a sharp dip, investors quickly switch from betting on gains to tallying losses.
The sudden unwind in precious metals after a historic rally has driven the shift. Spot gold tumbled 3.3% to $4,703 an ounce in early Asian trading, down from a peak of $5,594 last Thursday. Traders weighed the impact of Donald Trump’s Fed chair nominee Kevin Warsh alongside a wave of forced selling. CME Group hiked margin requirements — the cash needed to hold futures — while Tim Waterer at KCM Trade pointed to “forced liquidations and margin increases” as catalysts for the drop. (Reuters)
The benchmark index ended down 1% at 8,779, weighed down by miners. Gold producers took a hit, plunging about 10% at the open, according to the ABC. BHP Group dropped 2.3%, Rio Tinto slipped 1.0%, while Fortescue bucked the trend, rising 0.9%. All eyes will turn to the Reserve Bank of Australia’s decision at 2:30 p.m. (AEDT) on Tuesday. (ABC News)
Evolution now faces a key test: will bullion hold its ground, or will further declines push more investors to exit? The stock plunged sharply from a 52-week high to the session’s low, shaking even those with a long-term view.
The pressure could intensify if the metal continues to slide amid persistent volatility. Rising futures margins might force additional position cuts, while a stronger U.S. dollar usually drags on bullion priced in dollars.
J.P. Morgan sounded more optimistic, projecting gold to hit $6,300 an ounce by year-end thanks to strong demand from central banks and investors. The bank said, “We remain firmly bullishly convicted in gold over the medium-term.” (Reuters)
Investors are set to focus on output, cash flow, and the dividend forecast as the company reports. The all-in sustaining costs, or AISC, will be under particular scrutiny — this metric captures the total expenses involved in keeping a mine operational, including sustaining capital.
Evolution announced in an ASX filing that it plans to release its half-year financial report for the period ending Dec. 31, 2025, before the market opens on Feb. 11. CEO Lawrie Conway and CFO Fran Summerhayes will host a results call at 10:30 a.m. Sydney time. The miner, operating six sites across Australia and Canada, projects FY2026 production between 710,000 and 780,000 ounces of gold, alongside 70,000 to 80,000 tonnes of copper. They expect an all-in sustaining cost (AISC) of $1,640 to $1,760 per ounce. (Afr)
