Gold mining stocks pulled back Friday after a strong 2024 rally.
Newmont fell 2.2% in premarket trading—the S&P 500’s worst performer—as gold prices dropped 1.5% to $3,296.40 per ounce.
Gold hit a record high on June 13 during global trade tensions but has since fallen 4.5% as investors shifted back to riskier assets.
Despite Friday’s decline, Newmont remains up 59% year-to-date, highlighting how mining stocks closely follow gold’s volatile price swings.