Shares of Newmont Mining (NEM +2.88%) rose 4.5% at their highest point in trading on Friday, through 2 p.m. ET, logging 6% gains for the week.
As the world's largest gold mining company, Newmont caught the gold price rally tailwind on Friday. Where can the stock go from here, though?
Image source: Getty Images.
Gold's wide March ride
Gold plunged dramatically on March 23 to four-month lows below $4,100 per ounce amid lingering concerns over surging oil and gas prices, high inflation, and high interest rates amid the ongoing Iran war. That dip, however, was short-lived.
By Friday, gold crossed $4,500 per ounce, rallying nearly 10% over the week, after President Donald Trump extended a pause on U.S. attacks on Iran's energy and power plant facilities by 10 days to April 6.
NYSE: NEM
Key Data Points
At its Thursday closing price of $99.36 per share, Newmont stock was trading 26% below its 52-week high. The Friday rally in gold drove the gold stock higher as investors bought the dip in one of the strongest gold miners out there.
Should you buy Newmont stock now?
Industry experts believe what's happening with gold right now is only a blip. In its latest global investment strategy report, Wells Fargo projects the price of gold to reach $6,100 per ounce to $6,300 an ounce by the end of 2026.
Newmont exited 2025 with record free cash flow of $7.3 billion and repaid debt worth $3.4 billion in the year to fortify its balance sheet. It is also repurchasing shares and pays a dividend. With management targeting a minimum cash balance of $5 billion through all commodity cycles, it's not surprising to see investors in gold buying Newmont stock on the dip.
