Gold Dips Near $4,717 on Risk-On Shift, Newmont Q1 Strength Signals Resilience

Gold spot futures hover around $4,716.80, down about 3% this week, as calmer geopolitics, firmer risk appetite, and lower volatility curb safe-haven demand. Miners buck the trend, led by Newmont's stellar Q1: adjusted EPS $2.90 (beating estimates by $0.72), revenue $7.31B (vs. $6.53B expected), record $3.1B free cash flow at $4,900/oz realized price and $1,029/oz AISC, plus a $6.0B buyback. Despite ETF outflows and Morgan Stanley's $5,200 year-end target cut, structural bulls like central bank buying and Fed cuts persist; Fed minutes and CPI loom to test if dip is a pause.