Key Highlights

● Newmont sank on Friday, October 30, 2026, as gold slumped.

● December gold futures fell $132.50 to settle at $3,898.90 an ounce.

● Gold and silver both hit 52-week lows.

● Rising expectations of a Fed rate increase pressured precious metals.

Newmont (NYSE:NEM) sank on Friday, October 30, 2026, moving with its sector as gold prices slumped. The world's largest gold miner had no company-specific news. Its shares fell alongside other precious-metals miners as both gold and silver hit 52-week lows.

December gold futures dropped $132.50 to settle at $3,898.90 an ounce, a 52-week low and far below the record of $5,595 set in January. Silver fell steeply to about $49.

Other miners suffered too. Agnico Eagle Mines (NYSE:AEM) and Wheaton Precious Metals (NYSE:WPM) both fell sharply, as did silver producers Hecla Mining (NYSE:HL), Coeur Mining (NYSE:CDE) and Endeavour Silver (NYSE:EXK).

The Fed factor

The main driver of the metals selloff was a repricing of Federal Reserve expectations. Markets now see a December rate increase as likely, according to CME FedWatch data. Higher interest rates tend to weigh on gold, which pays no yield.

The Fed held rates steady at its October 27-28 meeting, but the vote was 10-2. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented, each preferring a rate increase. Fed Chair Kevin Warsh said: "But Inflation remains elevated."

On Friday, several Fed officials argued for tighter policy. "I judge that additional firming of Monetary Policy will be necessary, and soon," St. Louis Fed President Alberto Musalem said in New York. Richmond Fed President Tom Barkin said: "I think the question though is pace."

Data released Thursday added to the hawkish case. Both headline and core measures of September personal consumption expenditure inflation rose to their highest levels since May. "Today's data strengthens the case for another rate increase in December," a Wealth advisor said.

Oil up, metals down

The Commodity picture was split. Oil rose, with West Texas Intermediate crude up $2.12 to $104.12 a barrel, driven by tensions involving Iran and tanker incidents in the Strait of Hormuz. Firm oil prices fed inflation worries, which in turn supported the case for higher rates and weighed on gold.

That left energy producers among the day's winners while miners fell. Energy was the best-performing S&P 500 sector, and materials rose overall even as precious-metals stocks struggled.

A broad market selloff

The wider market had its worst day since June. The S&P 500 fell 140.32 points to 7,580.07, the Dow Jones Industrial Average dropped 572.25 points to 51,770.31 and the Nasdaq Composite slid 747.73 points to 25,437.00. The Russell 2000 lost 47.37 points to 2,811.84.

Technology led the decline after Intel (NASDAQ:INTC)'s weak outlook and warning of cash burn this year sparked a selloff in chip and AI stocks. Crypto also fell after a reported $6.3 billion hack at Binance, with Bitcoin sliding to about $77,000.

What to watch

Gold's direction will hinge on the Fed. The October jobs report on Friday, November 6, and ISM surveys next week will help shape expectations for the December meeting. Warsh has said he does not prejudge meetings: "I also don't believe in prejudging meetings. A lot of things can happen."

The midterm elections on November 3 and any developments in the Iran conflict, which has pushed oil above $100, could also move metals. For Newmont, any rebound in gold prices from the 52-week low would be the most direct support for the shares.