Sydney, Feb 3, 2026, 17:06 AEDT — Market closed
Evolution Mining (EVN.AX) shares ended up 4.2% at A$14.46 on Tuesday, recovering some ground after a 5.6% drop the day before. They traded between A$13.90 and A$14.73, with about 6.36 million shares changing hands, compared with 10.36 million on Monday, Investing.com data showed.
Gold was up about 3% at around $4,820 an ounce in Asia, and the Australian dollar climbed about 1% to trade above 70 U.S. cents after the domestic rate move. “It will take a long time for them to rebuild a bull or bear position…so they are staying away from the market,” said Steven Leung at UOB Kay Hian in Hong Kong. Reuters
The metal swings have been tied to shifting policy expectations after Donald Trump picked Kevin Warsh as his choice to chair the Federal Reserve. Brian Jacobsen, chief economic strategist at Annex Wealth Management, called the selloff “fuel on the fire” and “a perfect storm.” Reuters
In Australia, the Reserve Bank of Australia lifted the cash rate by 25 basis points (0.25 percentage point) to 3.85%, its first hike in two years. It said growth was running faster than expected and inflation was likely to remain above target for some time.
Higher rates tend to support the currency. For gold miners, a firmer Australian dollar can dampen margins because revenue tracks a U.S.-dollar metal price while many costs sit in local dollars.
On the Australian Securities Exchange, rival Northern Star Resources rose 1.4%, while the ASX 200 closed up about 0.9%, according to Trading Economics.
The next company marker is Evolution’s fiscal 2026 half-year results on Feb. 11, the firm’s financial calendar shows.
Investors will want fresh detail on costs and output after the latest round of volatility in bullion and currencies. They will also scan for any changes to hedging — locking in future selling prices — and capital spending plans.
But the bounce does not erase the risk of another hard swing. On Monday, selling accelerated after CME Group raised margin requirements for metal futures — the cash traders must post to keep positions open — and Vivek Dhar at Commonwealth Bank of Australia said the move looked like a correction rather than a “fundamental shift.” Reuters
For Wednesday’s session, traders will watch whether gold keeps clawing back losses and how the Australian dollar settles after the rate decision. Evolution’s Feb. 11 results are the next scheduled trigger for the stock.
