New York, Feb 5, 2026, 21:28 EST — Market closed.
- Newmont tumbled, dragged down by a sharp drop in gold and silver prices.
- The miner announced it has halted operations at its Tanami site following a fatal incident.
- Attention now turns to bullion’s path, upcoming U.S. jobs figures, and Newmont’s earnings due on Feb. 19.
Shares of Newmont Corp ended Thursday roughly 7% lower, settling at $108.53. The stock bounced sharply throughout the day, ranging from $103.53 up to $115.55, amid a choppy pullback in the precious-metals sector.
This matters because miners are vulnerable to sharp gold price drops. When bullion falls abruptly, investors often slash near-term margins and cash flow estimates before companies can explain the underlying fundamentals.
Silver plunged as much as 15%, while gold and oil each slipped about 2% amid a broad commodity sell-off. The drop came as some geopolitical risk premiums unwound following news that Washington and Tehran agreed to hold talks. U.S. and Chinese leaders also had what Reuters called a positive call. OCBC strategist Christopher Wong described sentiment as “soggy,” and IG’s Tony Sycamore said markets were grappling with “aftershocks” after “extreme volatility.” 1
The selloff spilled into Friday in Asia, with spot gold slipping 0.7% to $4,735.99 an ounce and spot silver tumbling 3.2% to $68.97 as of 0037 GMT, following steep drops the day before. A firmer dollar and a worldwide tech stock selloff weighed heavily. 2
U.S. stocks took a hit Thursday, setting a risk-off mood. The S&P 500 slid 1.23%, the Dow shed 1.20%. Newmont lagged behind peers like Royal Gold, with trading volume exceeding its recent average. The stock stayed well below its late-January peak. 3
Newmont announced Thursday that a worker died after an incident at its Tanami mine in Australia’s Northern Territory on Wednesday. The company triggered emergency response protocols, alerted authorities, and halted all operations at the site as it launches an investigation. 4
Investors face a straightforward and urgent question: how long will Tanami remain offline? Newmont hasn’t provided any restart schedule, and the market usually reacts cautiously when a key site halts operations without a set timeline.
The sector is also absorbing new developments from competitors. Barrick Mining announced plans to push forward with an IPO of its North American gold assets by late 2026. The company appointed Mark Hill as CEO, shining a spotlight on major regional holdings amid volatile bullion prices affecting valuations. 5
Macro traders are zeroing in on the U.S. jobs data for clues on whether the dollar and rate expectations might ease. David Meger, director of metals trading at High Ridge Futures, called gold’s recent dip a profit-taking pullback from record highs, adding that the consolidation “is not quite over yet.” The Labor Department has rescheduled the delayed January employment report for Feb. 11. 6
That same leverage that punishes miners on down days can also swing in their favor if bullion steadies or climbs back. Should the dollar weaken and safe-haven buying pick up, the sector might rebound sharply. On the flip side, if the metal sell-off intensifies, the following slide usually comes swiftly.
Next on the docket: Newmont’s catalyst calendar. The miner plans to release its Q4 and full-year 2025 earnings after U.S. markets shut on Feb. 19. A conference call follows at 5:30 p.m. ET. 7
