Newmont (NEM) is down 3.42% to $109.44, tracking weakness in bullion as investors reprice near-term cash-flow expectations for gold miners. Spot gold fell about 0.8% to around $4,699/oz, with the U.S. dollar strengthening and benchmark Treasury yields rising, increasing the opportunity cost of holding non-yielding assets like gold.

Today’s move looks primarily macro-driven: firmer yields and a stronger dollar are pressuring gold, and miners typically show leveraged downside when bullion softens. With gold pulling back, the market is also recalibrating how much of the recent gold-price strength can translate into sustained margins for producers, especially as operating-cost and capital-spend outlooks remain key swing factors.

Adding to the pressure is event risk: Newmont’s first-quarter 2026 results conference call is scheduled for today at 5:30 p.m. ET. Ahead of results, investors often de-risk positions in high-beta commodity equities, keeping the stock sensitive to any incremental shift in production, cost, and capital-allocation messaging.