Key Highlights

● COMEX December gold traded near $4,190.15 per troy ounce on Friday, October 2, 2026, down 0.29% in delayed intraday trading.

● Rising oil on possible US-Iran escalation, a firmer dollar, elevated Treasury yields and Federal Reserve uncertainty weighed on the metal.

● Newmont reported second-quarter attributable gold production of 1.293 million ounces and kept its full-year guidance of 5.3 million ounces.

● Gold is on course for a second weekly decline and sits in the lower half of its 52-week range.

Gold slipped on Friday, October 2, 2026, with COMEX December futures (GCZ6) near $4,190.15 per troy ounce, down $12.15, or 0.29%, in delayed intraday trading. The metal is on course for a second consecutive weekly decline as oil, the dollar and interest-rate expectations weigh. Newmont Corporation (NYSE:NEM), the US-headquartered producer, offers direct exposure to the move.

A Soft End to a Weak Week

A continuously updated reference price for gold stood lower, at $4,169.77, down $8.17. The roughly $20 gap between the two readings reflects the difference between a specific December contract and a reference price that can track spot or another contract month.

The futures contract’s 52-week range runs from $3,842.80 to $5,626.80, which leaves the current quote in the lower half of that band. Gold is about 6.79% lower over the past month and 7.29% higher than a year earlier. In mid-March 2026 it traded above $5,080 an ounce, a reminder of how far the market has moved since the spring.

Oil, the Dollar and Yields Weigh

Four factors were cited for Friday’s weakness: rising oil prices on possible US-Iran escalation, a firmer dollar, elevated Treasury yields and uncertainty over the Federal Reserve’s path. Investors were also waiting for US employment data.

The logic is conventional. Gold pays no interest, so higher yields raise the Opportunity cost of holding it. A stronger dollar makes a dollar-priced metal dearer for buyers in other currencies. Higher oil can feed Inflation worries, which can keep central banks cautious about cutting rates. Gold is also often bought during geopolitical stress, so a US-Iran dispute does not push in only one direction, but this week the rate and oil channel outweighed safe-haven demand.

Newmont and the Gold Producers

Newmont’s second-quarter 2026 results, released on July 23, give the clearest company-level read. Attributable gold production was 1.293 million ounces, and the company stayed on track for full-year guidance of 5.3 million attributable ounces. It realized a gold price of $4,414 an ounce and an All-In Sustaining Cost of $1,621 an ounce on a gold by-product basis.

Newmont is headquartered in the United States and listed in New York and Sydney. The release also cited seismic events at the Cadia mine in New South Wales during the quarter, a reminder that operating issues can matter as much as the gold price.

At roughly $4,190, gold sits about $2,570 above Newmont’s second-quarter all-in sustaining cost. The quarter’s realized price was higher than Friday’s quote, so the Margin at current prices is narrower than in the reported period, and costs may have moved since June. Producers with fixed-price sales gain less from a rally and lose less in a fall than those selling at spot.

What Could Turn Gold From Here

Upside risk starts with rate expectations. If employment or inflation data soften and yields ease, the opportunity-cost case against gold weakens, and a softer dollar would work the same way. A sharp escalation around the Strait of Hormuz that unsettles equities could also revive safe-haven buying, even though the oil-inflation channel dominated this week.

Downside risk centers on a stronger dollar and higher yields. If oil keeps climbing and rate-cut hopes fade, gold could extend its slide toward the low end of its range near $3,842.80. For producers, falling prices and rising costs together would squeeze margins, and Newmont’s guidance already carries operational uncertainty at Cadia.

The next catalysts are the US employment data, further Federal Reserve commentary, oil and the state of US-Iran talks, and whether December futures hold above the 52-week low. For Newmont, the next quarterly results are the key company event.