Newmont shares surge 5.27% premarket as gold rebounds on Fed rate-cut speculation and RBC upgrades price target to $125.

Newmont surged 5.27% in premarket trading as gold prices rebounded amid renewed expectations for Federal Reserve rate cuts, weakening the U.S. dollar and boosting demand for non-yielding assets like gold. The rally was further supported by an upgrade from RBC Capital Markets, which raised its price target to $125 and maintained an "Outperform" rating, signaling confidence in Newmont’s operational potential. The stock’s performance aligned with broader market optimism about gold’s outlook, with prices rising over 3% to $5,088 per ounce, directly enhancing Newmont’s revenue and margin potential. While a Raymond James note highlighted technical weakness and a pending Barrick spinoff approval added near-term uncertainty, the immediate catalysts—gold’s rebound and analyst confidence—dominated the premarket move.