Why Newmont Stock Jumped 26% Amid Market Volatility This Week
An analyst expects Newmont stock to rally further as gold prices hit a record high.
In what might go down as one of the wildest weeks for investors in stocks in recent history, Newmont (NYSE: NEM) stock offered much respite, with solid and steady gains through the week. Shortly after noon ET Friday, Newmont stock hit a weekly intraday high of 26%, according to data provided by S&P Global Market Intelligence. The S&P 500 (SNPINDEX: ^GSPC), meanwhile, managed to log 6.1% gains, at its intraday best over the past five trading days, through 2 p.m. ET Friday
Newmont stock is riding the wave of fresh enthusiasm in gold stocks amid the stock market turmoil, with one analyst even upgrading the stock's price target by 20%.
Newmont is the world's largest gold producer, with its mines churning out 6.8 million attributable ounces of gold in 2024. The mining giant also produces silver, copper, zinc, and lead.
