Sydney, Feb 2, 2026, 17:42 AEDT — After-hours
- Genesis Minerals plunged on Monday, dragged down by a retreat in bullion prices.
- Gold futures dropped roughly 2% amid a widespread sell-off in precious metals.
- Investors are focused on global interest rates, upcoming U.S. jobs figures, and the miner’s next earnings report.
Shares of Genesis Minerals Ltd (GMD.AX) fell 8.2% to A$6.97 after the Sydney market closed Monday, dipping as low as A$6.91 during the session. The stock now stands roughly 17% below last week’s 52-week peak of A$8.42, having closed Friday at A$7.59. (Intelligent Investor)
This shift is significant since Genesis has long served as a key proxy for gold in the local market. When bullion no longer acts as a safe haven, prices can swing sharply. Those wild moves ripple through resource-focused funds and momentum traders who have been betting on Australian producers amid the metal’s recent surge.
Gold futures plunged 2.1% to $2,972.30 an ounce on Monday, heading for their largest one-day drop since October 2023 amid a broad sell-off in precious metals. “The price action has been pretty dramatic,” said CMC Markets strategist Christopher Forbes. Moomoo’s Michael McCarthy described it as “a mighty rare and huge reversal.” (Reuters)
The Australian market has closed, leaving local gold stocks to react to overnight shifts in bullion and bond yields. If gold prices continue their slide, miners may take a sharper hit since costs lag behind revenue declines.
On Monday afternoon, Genesis filed a routine notice with the Australian Securities Exchange titled “Notification regarding unquoted securities.” This type of filing typically reveals changes in instruments not traded on the exchange, like employee incentive awards. (Australian Securities Exchange)
The Perth-based miner runs operations near Leonora in Western Australia, extracting gold through its processing hubs. Its earnings fluctuate not only with daily gold prices but also with costs for diesel, labor, and contractors. (Genesis Minerals Limited)
The downside is clear: a sharper drop in gold prices would probably squeeze margins and dampen risk appetite among producers, especially following a robust January for the sector. Unexpected rises in costs or output issues could intensify that pressure.
Looking ahead, traders will be focused on Friday’s U.S. employment report for January. This key data could shift expectations around interest rates and the dollar, two major forces behind gold prices. The U.S. Bureau of Labor Statistics plans to release the report on Feb. 6. (Bureau of Labor Statistics)
Genesis plans to publish its half-year results on Feb. 19, according to a recent earnings call. (Yahoo)
