Sydney, Jan 31, 2026, 16:49 AEDT — Market closed
- On Friday, Northern Star ended the session down 1.87%, closing at A$28.94.
- The steep sell-off in gold late last week has recalibrated risk heading into Monday’s open.
- The upcoming catalyst for the company is the half-year results, set for release on Feb. 12.
Northern Star Resources shares slipped 1.87% to close at A$28.94 on Friday, after fluctuating between A$28.30 and A$29.75 during the session. This decline erased much of Thursday’s 3.11% gain. Trading volume hit roughly 13.15 million shares. (Investing)
This matters now since the stock has turned into a fast barometer for bullion sentiment once more. As the Australian market stays closed over the weekend, investors are eyeing gold prices and the U.S. dollar closely, trying to gauge if Friday’s dip was a simple shakeout or the beginning of a bigger decline.
Gold offered no refuge. Spot gold plunged 9.5% on Friday, retreating sharply after hitting a record high the day before. The sell-off came after Donald Trump announced Kevin Warsh as his pick to lead the Federal Reserve. “Whether we look at the dollar or expectations for real yields, a combination of these drivers has helped trigger profit-taking,” explained Suki Cooper at Standard Chartered Bank. Nicky Shiels from MKS PAMP SA described January as “the most volatile month in precious metals history.” (Reuters)
The broader market slipped as well. The S&P/ASX 200 dropped 0.65% on Friday, dragged down by miners who had led gains earlier in the week, Morningstar reported alongside Australian Associated Press. (Morningstar)
Company fundamentals are still driving results behind the scenes. Northern Star’s December-quarter report last week showed it sold 348,061 ounces of gold at an all-in sustaining cost (AISC) of A$2,937 per ounce, with cash and bullion totaling A$1.176 billion. CEO Stuart Tonkin attributed a “softer December quarter” to “one-off operational events,” while the firm highlighted progress on growth projects and flagged more free cash flow as hedges unwind. (NSR Limited)
In January, Northern Star trimmed its FY26 production forecast to 1.6–1.7 million ounces from the earlier 1.7–1.85 million ounces. It also raised the FY26 AISC estimate to A$2,600–2,800 per ounce. The company attributed these updates mainly to lower gold sales and increased royalties linked to higher gold prices. Its sustaining capital guidance remained steady at around A$750 million. (ASX Announcements)
AISC is a widely used industry metric that aims to reflect the true cost of ongoing production, beyond just daily mining expenses. It includes sustaining capital and site overheads on top of operating costs, meaning it can spike if output falls or expenses increase.
Gold prices have hovered near record highs this year, but gold equities haven’t consistently matched that momentum. Macquarie points out that many broker models still use long-term gold price assumptions well below current spot levels, limiting upside in target prices. January saw big moves for Evolution Mining, Regis Resources, and Newmont, mirroring bullion’s volatility despite the metal’s strong gains. (Market Index)
There’s a sharper downside to consider as well. If gold keeps sliding and risk appetite worsens, miners tend to tank even more sharply — costs don’t drop as quickly, making it tougher to uphold guidance. Any slip-up before earnings season would only worsen the hit.
Northern Star’s next key milestone is its half-year results on Feb. 12. Until then, Monday’s market open could act as a test of whether last week’s drop in gold continues to weigh on stocks. (NSR Limited)
