ASX gold share Newmont Corp (ASX: NEM) is the worst-performing stock of the S&P/ASX 200 Index (ASX: XJO) on Friday. In early trading, Newmont shares fell 11.44% to an intraday low of $72.50.
The Newmont share price is currently $72.84, down 11.03%.
Why is this ASX gold share tanking today?
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ASX gold share takes a dive on Friday
Today's fall is likely related to the company's Q3 FY24 update released yesterday.
As we reported, the market was disappointed and sold down the ASX gold share.
Newmont shares closed 6.3% lower at $81.87 apiece.
And it looks like investors are continuing to punish the gold miner today.
The company reported a 4% quarterly increase in gold production to 1.7 million ounces. Revenue was US$2.6 billion with an average realised gold price of US$2,518 per ounce.
Newmont's all-in-sustaining costs (AISC) lifted to US$1,611 per ounce, driven by higher direct costs at key mining sites.
Net income was US$922 million, up from $834 million in the previous quarter. This translated to earnings per share (EPS) of 81 US cents, which missed consensus forecasts by five US cents.
Newmont also announced a dividend of 25 US cents per share. The ex-dividend date is 26 November and investors will receive their payments on 23 December.
What's happening with other ASX gold shares today?
The S&P/ASX All Ordinaries Gold Index (ASX: XGD) is down 0.45% on Friday while the S&P/ASX 200 Index (ASX: XJO) is up 0.31%.
Here's how the other largest ASX gold stocks by market capitalisation are performing:
- Northern Star Resources Ltd (ASX: NST) shares are up 4.14% to $18.13
- Evolution Mining Ltd (ASX: EVN) shares are up 2.12% to $5.31
- De Grey Mining Limited (ASX: DEG) shares are up 0.83% to $1.46
- Perseus Mining Ltd (ASX: PRU) shares are up 0.17% to $2.95
Newmont share price snapshot
Like all ASX gold shares, Newmont shares have risen alongside the commodity price this year.
The Newmont share price is up 19.74% in the year to date.
On Wednesday, the gold price hit a new record high of US$2,757 per ounce.
The precious metal has gained substantial new value this year and has ascended by more than 35% since beginning to rise in February.
At the time of writing on Friday, gold is trading at about US$2,734 per ounce.
According to Trading Economics, the gold price has slipped from its Wednesday peak due to a stronger US dollar and rising Treasury yields.
The analysts said:
… gold's upside remains supported by its safe-haven status amid ongoing geopolitical tensions in the Middle East, with investors concerned about the potential for a broader conflict due to the continuous exchange of heavy fire.
Additionally, uncertainties surrounding the upcoming US presidential election and monetary easing from major central banks provided further support.
