Sydney, Feb 7, 2026, 17:24 AEDT — The market is now closed.
- Evolution Mining dropped again on Friday, marking its second straight session of declines.
- Swings in gold and silver prices are prompting new rule tweaks across the futures markets.
- Evolution’s half-year results land next week—a near-term test for the stock.
Evolution Mining ended Friday at A$14.34, slipping 1.4% as traders braced for possible more turbulence in gold prices over the weekend. Thursday saw the stock drop 3.2%. 1
The gold trade’s jittery again, sparking sharp swings across miners, ETFs, and futures. Volatility ramps up, leverage faces pressure, and stock moves can run hot—even for firms whose operations haven’t budged.
Awkward timing for Evolution. Half-year earnings land next week, and investors want more than just the numbers—they’re after details on costs, any tweaks to production guidance, especially with precious metals recently roiled.
No relief for the broader tape. Australia’s ASX 200 dropped 2% on Friday—“panic” was the word from MooMoo Australia analyst Michael McCarthy, speaking to ABC News. 2
Gold clawed back losses and surged almost 4% to $4,954.92 an ounce during Friday’s U.S. trading hours, following a choppy session in Asia, Reuters said. “The gold market is seeing perceived bargain hunting from bullish traders,” noted Jim Wyckoff, senior analyst at Kitco Metals. 3
But the mechanics are getting stricter. CME Group bumped up margin requirements, increasing initial and maintenance margins for COMEX 100-ounce gold futures to 9% from 8% for certain accounts, and once more raised silver margins. 4
Physical buyers have been out there testing levels. Spot gold has dropped over 13.5% from its January 29 record of $5,594.82. That slide has sparked renewed demand in China, where buying picked up before the Lunar New Year, according to Reuters. “The correction in gold and silver prices came at the right time, just before the Chinese New Year,” said ANZ analyst Soni Kumari. 5
Central bank buying grabbed attention again after China published fresh gold purchase numbers this Saturday. According to Reuters, January marked the fifteenth consecutive month of buying for the People’s Bank of China, lifting its reserves to 74.19 million fine troy ounces. Gold was quoted near $4,960. 6
Evolution has circled Feb. 11 for its next big move, with plans to file its half-year financials and Appendix 4D ahead of the market open. That morning, chief executive Lawrie Conway and CFO Fran Summerhayes are set to host a conference call at 10:30 a.m. Sydney time. The miner is sticking to its guidance for FY26: gold output in the range of 710,000 to 780,000 ounces, copper at 70,000 to 80,000 tonnes, and all-in sustaining costs pegged at $1,640 to $1,760 per ounce. 7
Still, there’s a risk lurking. Bullion takes another dive—or just stays choppy—and higher futures margins might push leveraged traders to trim positions fast. Miners? They can get dumped anyway, no matter what their own numbers show. Any results pointing to rising costs just pile on the pressure.
Trading picks up again Monday, and attention turns to Australian gold stocks—will they reflect bullion’s late surge from Friday? But the focus sharpens on Wednesday, when Evolution drops its half-year numbers ahead of the bell, with the call set for 10:30 a.m.
