Newmont Shares Drop 5% As Gold Slides From Record Highs
Newmont Corporation (NEM) shares fell 5.72% to $99.74 as gold prices retreated from record highs, impacting sentiment in precious-metals equities. The decline is attributed to profit-taking after a recent surge in gold prices, influenced by tight supply and geopolitical uncertainty. Newmont's revenues are closely tied to gold prices, making it sensitive to fluctuations. Support levels for NEM are identified at $97.67, with potential for further decline if this level is breached, possibly reaching around $90.