Newmont Stock Is Falling. Gold Miners Follow the Precious Metal’s Decline.

Gold has fallen from its spring highs. (AFP via Getty Images)

Newmont, the Colorado-based gold miner, was one of the worst-performing stocks in the S&P 500 Friday as the price of gold slumped from its June record high.

Newmont shares were falling 3.9%, putting the stock on pace for its third drop in four days and a weekly loss, according to Dow Jones Market Data. Gold futures, meanwhile, were down 2.1% to $3,278.30 per Troy ounce.

Gold miners and gold itself have been on a tear this year as investors bought up the precious metal as a safe-haven asset amid global trade turmoil. Gold futures hit an all-time high of $3,452.80 per Troy ounce on June 13, according to Dow Jones Market Data, though they have since dipped as some investors pivoted back to risk-on assets.

Newmont stock, meanwhile, has risen 59% this year as of Thursday’s close, and competitors like Barrick Mining and Agnico Eagle Mines have also seen their share prices soar.

But they are vulnerable to downward shifts in the price of bullion, too—including Friday’s decline. New York-listed shares of Barrick and Agnico Eagle were down 3% and 5.5%, respectively, on Friday.

Write to Nate Wolf at nate.wolf@barrons.com