2 hours ago
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Gerelyn Terzo
Thu, April 23, 2026 astatine 9:02 AM CDT 3 min read
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Newmont Mining and others operating successful the portion look a Ghana directive requiring mining operations to displacement to section contractors by December 2026.
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Ghana’s mining request for Newmont and AngloGold to localize operations, combined with a stronger dollar reasserting itself arsenic the ascendant safe-haven asset, is capping gold’s upside contempt elevated geopolitical hazard and lipid prices supra $100.
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The PHLX Gold/Silver Sector (XAU) is pulling backmost arsenic a stronger U.S. dollar and rising Treasury yields offset safe-haven request from geopolitical tensions successful the Strait of Hormuz.
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The PHLX Gold/Silver Sector (NASDAQ:XAU) terms is retreating Thursday greeting arsenic a stronger U.S. dollar and rising Treasury yields dampen safe-haven demand, adjacent arsenic geopolitical tensions successful the Strait of Hormuz stay elevated. The ^XAU is hovering adjacent $4,738 per ounce, pulling backmost from caller highs arsenic the greenback, which deed a two-week precocious overnight, reasserts its ain safe-haven dominance. Ironically, the precise struggle driving investors toward extortion is besides reinforcing dollar strength, capping Gold's (^XAU) upside. Silver is feeling the unit much acutely, sliding astir 2% to astir $76 per ounce. With Brent supra $100 and bid talks stalled, the metals analyzable remains caught betwixt competing safe-haven narratives.
Three forces are pulling connected golden astatine once. Spot bullion held supra the $4,700 level aft a pullback from caller grounds highs, with traders citing Fed rate-path uncertainty and a firmer dollar arsenic near-term headwinds. Against that, lingering geopolitical hazard and a VIX adjacent 20, sitting astatine the 70th percentile of its 12-month range, proceed to propulsion long-only allocators toward bullion and miners arsenic portfolio insurance.
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The sector-specific quality cuts some ways. Ghana's Minerals Commission has fixed Newmont (NYSE: NEM), AngloGold Ashanti and Chinese-owned Zijin until December 2026 to displacement mining operations to section contractors oregon look sanctions, according to Reuters sources. Newmont and Zijin presently tally the mines with their ain staff, portion AngloGold already uses a joint-venture contractor astatine its smaller Iduapriem mine. That is simply a outgo and execution hazard for the 2 largest Western names successful the index.
Newmont (NYSE:NEM), the world's largest golden producer, closed yesterday astatine $112, up 2%, and is up 108% implicit the past year. The institution is poised to study Q1 2026 net results contiguous aft the closing bell. Analysts transportation a $140 terms people and a guardant P/E adjacent 13. NEM shares are little this greeting but person gained 10.1% YTD.
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