Why Newmont Stock Surged on Wednesday
Key Points
Gold rebounded sharply on Wednesday on macro developments.
Investors are buying Newmont shares ahead of earnings.
- 10 stocks we like better than Newmont ›
Shares of Newmont Mining (NYSE: NEM) surged this morning, rallying 6% through Wednesday noon. With today's solid gains, the gold stock is now up over 13% in five trading days, heading back to $115 per share after dropping below $100 a share just days ago.
Newmont is one of the best gold stocks out there, and its appeal goes far beyond the company's status as the world's largest gold miner. With the company announcing the date for its first-quarter earnings release this morning, investors are jumping on the chance to buy the dip in Newmont.
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Why did gold prices rise today?
A sharp recovery in gold prices is driving Newmont shares higher. Spot gold price was up over 2.5% as of noon today on speculation that the Iran war could be nearing a de-escalation, going by President Donald Trump's recent statements, including Iran having reportedly requested a ceasefire.
Although gold is traditionally considered a safe-haven asset that typically rises during geopolitical conflicts, the unique dynamics of the Middle East conflicts, along with persistently high inflation and interest rates, have sent gold lower.
The news of a potential de-escalation, therefore, acted as a strong catalyst for gold prices on Wednesday. Newmont stock surged, too, because every rise in gold prices flows through to its profits and cash flows.
Why are investors buying Newmont stock ahead of earnings?
Newmont will announce its Q1 results after market close on April 23. Expectations are running high, with the consensus forecasting adjusted earnings of $2.38 per share. That's a massive leap from the $1.25 per share reported in Q1 2025. Of course, the historic rally in gold is the biggest factor. Even if the company's production falls a bit as projected, higher metal prices should more than offset lower volumes and drive Newmont's margins and cash flows higher. That's what investors are betting on today.
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Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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