Newmont Corporation (NYSE:NEM) shares are surging Wednesday morning. The move follows a significant recovery in gold prices. Nasdaq futures are up 0.93% while S&P 500 futures have gained 0.69%.
Spot gold rose to approximately $4,700 per ounce, according to Trading Economics. Traders are reacting to signs of de-escalation in Middle East tensions. Lower oil prices often follow such geopolitical shifts, benefiting mining cost structures.
Geopolitical Shifts Impact Sentiment
President Donald Trump stated Tuesday the U.S. could end its military campaign “within two or three weeks.” Iranian President Masoud Pezeshkian also noted Iran is “open to ending hostilities” given formal security guarantees. White House Press Secretary Karoline Leavitt confirmed Trump will address the nation Wednesday at 9 PM ET.
Technical Analysis
Newmont is trading 0.1% above its 20-day SMA and …
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