New York, Jan 28, 2026, 21:42 EST — Market closed.
- Newmont closed up 3.9% at $131.95, having reached $134 earlier in the session
- Gold surges 4%, nearing $5,400 an ounce and lifting miners along with it
- Next up: can bullion maintain these gains, and what will Newmont’s Feb. 19 earnings reveal?
Newmont surged 3.9% to close at $131.95 on Wednesday, buoyed by a fresh uptick in gold prices that pushed mining stocks higher late in the session. Shares swung between $127.70 and $134.00. The VanEck Gold Miners ETF climbed 2.6%, with Agnico Eagle up 3.2% and Kinross inching 0.5% higher.
This move is significant since Newmont’s cash flow can fluctuate sharply with gold prices. When bullion spikes, miners typically experience a more volatile ride — bigger gains, but also more sudden swings.
Gold is pulling most of the weight at the moment. Since it doesn’t pay interest, changes in rate expectations and the U.S. dollar can move it sharply. Newmont usually tracks those moves closely.
Spot gold — the price for immediate delivery — surged 4% to $5,393.19 an ounce late Wednesday, nearing $5,400 for the first time. U.S. February futures climbed 4.3%, closing at $5,303.60. “The rally in the precious metals has kind of taken on a life of its own,” said Peter Grant, vice president and senior metals strategist at Zaner Metals. Still, he cautioned the market looks overbought and susceptible to a pullback. The Federal Reserve held rates steady, but “precious metals simply don’t care that the Fed is clearly in hiatus mode,” said independent metals trader Tai Wong. (Reuters)
The jump came after Tuesday’s new record in bullion prices. Michael Widmer, Bank of America’s commodities strategist, noted that rallies typically run out of steam once their initial catalysts disappear — “and that’s just not the case” here. Traders also highlighted tariff discussions and a pending U.S. government funding deadline on Jan. 30 as added reasons driving safe-haven buying. (Reuters)
But there’s a catch. If the dollar bounces back or investors lock in gains after the rally, miners can quickly lose ground. Operating costs aren’t static either — rising fuel and labor expenses can tighten margins, even when gold prices are holding up.
Newmont plans to report its full-year and fourth-quarter 2025 results after North American markets close on Feb. 19. The company has set a conference call for 5:30 p.m. ET that same day. (Newmont)
Investors are focused on guidance around output and costs, plus any changes in Newmont’s plans for cash—whether that means paying down debt, increasing payouts, or boosting project spending.
At the moment, the stock behaves like leveraged gold exposure. That pays off if bullion keeps hitting fresh highs, but it can hurt when the metal pauses.
As New York reopens Thursday, all eyes will be on whether gold stays close to $5,400 and if mining stocks can keep up. Newmont’s next major event is its report and outlook due Feb. 19.
