- Harmony Gold’s FY26 pretax profit rose to $2.27 billion as its average gold price increased 35% to $3,811 an ounce, offsetting a 3% decline in group production.
- Newmont has outperformed gold’s rally as its post-acquisition operating changes and free-cash-flow focus support investor interest in NEM.
- Gold traded near $4,600 an ounce for most of the week before falling toward $4,460 after Fed Chair Kevin Warsh delivered a more hawkish-than-expected Jackson Hole speech.
- Fed funds futures moved to imply a greater than 50% chance of one or two rate hikes before the end of 2026, while Treasury yields and the US dollar rose.
Quotes
“Harmony’s average gold price in fiscal 2026 rose 35% to $3,811 a ounce, which more than offset a 3% fall in group production.”
“The result was a more hawkish-than-expected speech that effectively guaranteed a direct focus on fighting US inflation back down to the Fed's mandated target of 2%”