Newmont Mining's stock fell 5% in pre-market trading on Thursday, tracking a sharp decline in gold prices.
The drop in precious metal prices came after U.S. President Donald Trump said Washington would continue its military campaign in Iran in the coming weeks, driving oil prices higher and dampening hopes of interest rate cuts. Spot gold was down 2.7% at $4,631.46 per ounce, snapping a four-day winning streak.
As a major gold miner, Newmont Mining's shares are directly sensitive to movements in gold prices, leading to the pre-market plunge alongside other gold and silver mining stocks.
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