Newmont Corporation (NYSE: NEM) experienced a 3.10% decline in share price, closing at $121.90 on Tuesday, as Lunar New Year market closures across Asia disrupted gold trading flows and reduced regional demand for the precious metal. Concurrent weakness in gold prices, which retreated below $4,900 per ounce with intraday losses reaching 3%, compounded selling pressure on the mining equities sector.
Market momentum was further dampened by investor caution ahead of Wednesday's release of Federal Reserve meeting minutes, a key economic indicator that could influence precious metals demand and broader market sentiment. From a technical perspective, Newmont's stock has dipped below established moving averages with the Moving Average Convergence Divergence (MACD) indicator trading below its signal line, suggesting near-term bearish momentum.
Despite the near-term weakness, the stock maintains technical support at the $108.00 level. Market participants will be monitoring both the Fed minutes and the resumption of normal Asian trading activity for potential direction shifts in the coming sessions.