Gold Faces Headwinds From Calmer Markets, Yet Newmont’s Record Cash Flow Tells Another Story

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Gerelyn Terzo

Fri, April 24, 2026 astatine 9:10 AM CDT 3 min read

Newmont (NEM) posted Q1 adjusted EPS of $2.90, beating estimates by $0.72, with grounds quarterly escaped currency travel of $3.1B driven by $4,900 mean realized golden prices and all-in sustaining costs down 21% to $1,029 per ounce; the committee authorized a $6.0B buyback.
Gold (XAU) is retreating from grounds highs arsenic hazard appetite returns connected a cooler geopolitical backdrop and little safe-haven demand, but Newmont’s operating leverage astatine $4,900 per ounce golden allows miners to outperform contempt bullion weakness.
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The PHLX Gold/Silver Sector (^XAU) is nursing a astir 3% pullback this week arsenic the safe-haven bid that powered bullion to grounds territory fades. Spot futures were changing hands adjacent $4,716.80 Friday morning, with the PHLX Gold/Silver Sector (^XAU) tracking forces similar a cooler geopolitical picture, firmer hazard appetite, and a caller chopped to 1 large bank's year-end target, nevertheless it maintains an 11.3% gain. The offset: Newmont (NYSE:NEM) delivered a blowout 4th that is lifting the miners adjacent arsenic metallic prices slip.

The SPDR Gold Trust (NYSEARCA:GLD) closed Thursday astatine $431.04, down 2% connected the week but inactive up astir 42% implicit the past year. The unwind lines up with a calmer tape: the VIX sits adjacent 19, down 28% from its late-March spike supra 31, and the 10-year Treasury output is holding astir 4.3%, raising the accidental outgo of owning a non-yielding asset.

U.S. unit connected Iran done a naval posture successful the Strait of Hormuz, paired with an Israel-Lebanon ceasefire hold has reignited transportation trades and equity hazard appetite. Morgan Stanley trimmed its second-half 2026 golden people to $5,200 from $5,700, citing Turkey selling 52 tons, ETF outflows of 90 tons successful March, and method breakdowns driving an 8% retreat from the February peak.

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Newmont's first-quarter adjusted EPS came successful astatine $2.90, topping statement by $0.72, connected gross of $7.31 cardinal against a $6.53 cardinal estimate. Record quarterly escaped currency travel of $3.1 cardinal was driven by an mean realized golden terms of $4,900 per ounce and all-in sustaining costs that dropped 21% to $1,029 per ounce.

The committee authorized a caller $6.0 cardinal buyback and held the $0.26 quarterly dividend. Shares roseate 2% Friday to astir $113, and the banal has much than doubled successful a year.

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