Goldman Sachs weighs in on three Australian gold stocks

Gold rose 3.5% on November 4, 2026, reaching $4,073 per ounce. Newmont (NEM) climbed 9.94%, while SPDR Gold Shares (GLD) gained 3.67%. The rally was driven by a weaker dollar and lower Treasury yields. However, traders still see an 83% chance of a Fed rate hike in December, which could pressure gold prices.

Gold mining stocks surged in premarket trading on Wednesday, following a 3.02% rise in gold prices to $4,446.90 per ounce, driven by a weaker US dollar after Democratic midterm election victories. Barrick Mining (B) and Newmont (NEM) shares gained over 5%, while Kinross Gold (KGC) rose 6.8%. The weaker dollar, which hit a one-month low, made gold more affordable internationally, boosting demand and prices.

Gold prices averaged $4,262/oz in Q3 2026, up 23% YoY but down from Q1 2026. Miners like Newmont (NEM), Agnico (AEM), Kinross (KGC), and Alamos (AGI) reported higher realized prices. The Fed's rate hikes and Treasury yields impacted gold prices. Gold ETFs saw record inflows. Newmont reported Q3 earnings of $2.5B, Agnico $1.35B, Kinross $583.2M, and Alamos $165.6M.

Ord Minnett upgraded Newmont (NEM) to Buy with a A$175.00 target. UBS maintained Buy with a A$210.00 target. Newmont reported Q3 revenue of A$6.33B and net profit of A$2.48B, up from A$5.38B and A$1.83B last year.

ASX 200 gold miners reported higher costs in Q3 due to shutdowns, weather, and fuel prices. NEM, NST, and EVN beat UBS forecasts. NEM improved cost guidance, NST maintained FY27 outlook, EVN missed production but beat on costs. Shares reacted mixedly. Cost pressures may ease or persist, depending on the company.

Morgans Financial downgraded Newmont to 'Accumulate' and set a price target of AU$177. The company's stock is currently trading at $108.87, down 4.59% over 5 days and 8.20% year-to-date. The downgrade is based on a weighted average of valuation, EPS revisions, and visibility metrics.