Newmont Stock Falls Again. Another Day, Another Gold Selloff.

Newmont stock has tumbled in recent days, amid a sharp drop in gold prices. (Businesswire)

Key Points

• Newmont stock fell as gold futures dropped.
• Other mining stocks, including Agnico Eagle Mines, Barrick Mining, Franco-Nevada, and Wheaton Precious Metals, also experienced declines.
• Despite a recent selloff, gold is still up 50% in 2025, driven by central-bank buying, and Newmont stock has achieved triple-digit gains.

Newmont stock was dropping again on Tuesday, as the price of the most actively-traded gold contract carried on sliding.

Shares in the precious-metal miner fell 1.7% to $77.28 in early trading, putting it on track for its lowest close since Sept. 10. The S&P 500 was 0.1% higher.

Other mining stocks were also lower on Tuesday. Agnico Eagle Mines dropped 1.5%, Barrick Mining was down 1.1%, Franco-Nevada slid 0.8%, and Wheaton Precious Metals fell 0.5%.

Created with Highcharts 9.0.1Source: FactSetAs of Oct. 29, 4 p.m. ET

Created with Highcharts 9.0.1BarrickFranco-NevadaWheaton Precious MetalsAgnico Eagle MinesNewmontOct. 27Oct. 29-8-6-4-20%

The moves came as gold futures fell 1.9% to $3,943 an ounce. The lower the yellow metal’s price is, the less revenue Newmont and its peers can make from mining it.

Gold has sold off five of the past six days, with the market seemingly deciding that now is the right time to lock in profit after a stellar run this year.

The reversal doesn’t make much sense otherwise, considering there hasn’t been a major shift in the geopolitical outlook and the Federal Reserve is widely expected to cut interest rates by a quarter-point on Wednesday. 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.

Any investors who have held the precious metal for a while won’t be too fazed by the selloff, though. Gold is still up 50% in 2025 amid a central-bank buying spree that has put it on pace for its best year since 1979.

“Consolidation would be no bad thing, here,” Michael Brown, a strategist at the foreign-exchange brokerage Pepperstone, said. A drop in gold prices “wouldn’t be the ‘end of the world’ either, especially when the overall bull case remains a solid one, not least amid still-elevated levels of physical demand as reserve allocators continue to diversify,” he added.

Even after its recent selloff, Newmont stock has racked up triple-digit gains since Jan. 1, meaning it’s on course for its best year ever.

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