Shares of Newmont Corporation (NEM) are having a rough Thursday morning, sliding significantly lower. If you're wondering why a gold mining giant is losing its luster, look no further than the price of the shiny metal itself.

The retreat follows a decline in gold prices, which hit nearly six-week lows, according to Trading Economics. Investors are reacting to a combination of central bank policy and shifting geopolitical dynamics. It's one of those days where everything seems to be moving against the traditional safe-haven asset.

Federal Reserve Stance And Geopolitical Tensions

Gold dropped to approximately $4,710 per ounce on Thursday. This marks the seventh consecutive session of declines for the precious metal. That's a pretty consistent downtrend, and it's putting pressure on the miners who dig the stuff up.

The Federal Reserve recently opted to keep interest rates unchanged at 3.50%–3.75%. Meanwhile, market volatility increased following Iranian missile strikes on a Qatari site housing a massive LNG facility. This followed an earlier Israeli attack on Iran's South Pars gas field.

Here's the interesting twist: while these events typically support safe-haven demand for gold, they have also pushed crude oil prices higher. Sometimes geopolitical chaos boosts gold; other times it just makes everything more expensive and complicated. Right now, it seems to be the latter.

Economic Revisions And Inflationary Pressures

The mining sector is also grappling with revised economic data. U.S. GDP growth slowed to an annualized rate of 0.7% in the fourth quarter of 2025. This was a significant downward revision from the initial 1.4% estimate. That's not a great sign for economic momentum.

Additionally, Core PCE inflation climbed to 3.1% in January. BlackRock noted a "visible global macro shock" stemming from the Middle East. They warned that persistent oil prices could drag on global growth while boosting inflation. It's the classic stagflation scare—slow growth and rising prices—which is rarely good for risk assets, even gold sometimes.

Technical Analysis

So where does this leave Newmont's stock? Let's look at the charts. Newmont is trading 17.1% below its 20-day simple moving average (SMA) and 5.9% below its 100-day SMA, which shows the stock is in a pullback phase even as the bigger-picture uptrend has not fully broken down.

Shares are up 122.00% over the past 12 months and are currently positioned closer to their 52-week highs than lows. So, context is important: this is a pullback within a massive longer-term rally.

The RSI is at 35.69, which sits in neutral territory. MACD is at -2.5788 versus a signal line of -0.8041.

• Key Resistance: $106.50
• Key Support: $97.50

Newmont shares were down 6.65% at $99.46 during premarket trading on Thursday, according to market data. That puts it hovering just above that key technical support level. Whether it holds could tell us a lot about the next move for gold's biggest miner.