New York, Feb 3, 2026, 14:08 EST — Regular session
- Newmont shares climbed roughly 2.6% in afternoon trading, bouncing back after nearly a $5 swing during the session
- After plunging over two sessions, gold bounced back sharply, climbing nearly 7% and lifting miners along with related ETFs.
- Traders eye bullion swings as Newmont prepares to release its Feb. 19 results, seeking insights on costs and future outlook
Newmont shares climbed Tuesday, hitting a session peak of $119.58 before settling up 2.6% at $115.73 in New York.
Precious metals staged a sharp bounce after getting hammered over the past two sessions. By late morning, spot gold had surged 6.9% to $4,985.44 an ounce, with silver soaring 11.7%, Reuters calculations showed. Peter Grant from Zaner Metals described the recent dip as a “corrective” move within a broader uptrend, pointing to $4,400 as key support and $5,100 as resistance. (Reuters)
Why it matters now: gold has become a barometer for macro stress, with miners often intensifying the metal’s moves since their cash flow tracks bullion prices. On Monday, selling pressure was fueled further by increased margin requirements from CME Group — the cash traders must post to hold futures bets — just as Kevin Warsh was named to lead the Federal Reserve when Jerome Powell steps down in May. John Meyer at SP Angel described the scene as a “rollercoaster ride,” while Michael Hsueh at Deutsche Bank warned that the backdrop doesn’t suggest a sustained gold price rebound. (Reuters)
Flows data highlight just how crowded the trade has become. ETFs linked to gold and other precious metals raked in $4.39 billion in January, with gold miner ETFs pulling $3.62 billion—the largest monthly inflow since at least 2009, according to LSEG Lipper. Investors funneled $539 million into the VanEck Gold Miners ETF, while SPDR Gold Shares hauled in $2.58 billion, the data showed. J.P. Morgan remains “firmly bullishly convicted” on gold over the medium term, a note said. (Reuters)
The bank’s latest projection quantifies the bullish outlook: gold is set to hit $6,300 an ounce by the end of 2026, with central banks expected to buy 800 tons this year. Deutsche Bank stuck to its $6,000 target for 2026, Reuters reported. (Reuters)
The gold-miner sector strengthened alongside bullion. The VanEck Gold Miners ETF climbed roughly 2.3%. Agnico Eagle and Kinross rose around 1.1% and 2.9%, respectively.
But the situation works both ways. If bullion reverses today’s gains—or if margin calls push leveraged traders to sell off—miners could tumble sharply, even without any fresh negative company news. A firmer dollar or a change in rate-cut expectations would also drain support from non-yielding gold.
Investors in Newmont are focusing beyond just the metal itself — they want to see solid production and cost trajectories, plus reassurance that management will maintain capital returns amid price swings. While miners can’t influence gold prices, strong execution still proves crucial, especially when volatility squeezes margins.
Newmont is gearing up for its next major event: the fourth-quarter and full-year 2025 results call scheduled for Feb. 19 at 5:30 p.m. ET. (Newmont Corporation)
