Gold Prices and Miner Stocks Keep Falling. That’s a Surprise.

Gold prices tumbled last week as investors opted to dump the precious metal following a stellar recent run. (DAVID GRAY/AFP via Getty Images)

Key Points

• Newmont stock falls, following a 6.2% drop on Friday.
• The most actively traded gold futures contract decreases.
• Gold prices have declined over the past week but remain up more than 50% this year.

Newmont was falling again on Monday alongside a sustained pullback in the price of gold. Investors are dumping shares in gold miners following a torrid recent run for the precious metal.

Newmont stock dropped 4% to $79.40 in early trading, having plummeted 6.2% on Friday. Other gold miners were in the red, too: Agnico Eagle Mines fell 2.9%, Barrick Mining slid 2.7%, Wheaton Precious Metals fell 2.5%, and Franco-Nevada was down 2.5%. The S&P 500 gained 0.9%, boosted by hopes of a U.S.-China trade deal.

Created with Highcharts 9.0.1Source: FactSet

Created with Highcharts 9.0.1BarrickWheaton Precious MetalsAgnico Eagle MinesFranco-NevadaNewmontOct. 20Oct. 24-12.5-10.0-7.5-5.0-2.502.55.07.5%

The most actively traded gold futures contract fell 2.5% to $4,034 an ounce. When bullion prices fall, they drag down revenue for Newmont and other gold miners.

The precious metal has declined 7.3% over the past five days, dropping in a reversal that’s taken some of the shine off a stellar run over the first three quarters of 2025. Investors appear to be opting to take profits after the spell of heady gains. Even after last week’s selloff, gold has risen 54% this year.

It’s a surprise that gold prices are still sliding, considering that the consumer inflation report released Friday came in cooler than expected, which ought to strengthen the case for Federal Reserve interest-rate cuts. When borrowing costs are lower, that tends to boost gold, as it becomes more appealing relative to other safe-haven assets that have yields, such as bonds and savings accounts.

Write to George Glover at george.glover@dowjones.com