AngloGold Ashanti Slides Amid Gold Price Decline
AngloGold Ashanti (AU) has fallen to around $80 per share from its 52-week high of $132 earlier this year, due in part to a decline in gold prices.
The company's earnings story for 2026 has been largely driven by the price of gold, which has cooled off significantly since reaching a record near $5,626 an ounce in January. This has resulted in a 25%-plus pullback in the metal, causing AngloGold Ashanti's shares to drop.
The company is a global gold miner with operations across Africa, Australia, and the Americas, anchored by its flagship Geita mine in Tanzania. Its business model relies heavily on digging up gold and selling it near the spot price, making it vulnerable to fluctuations in gold prices.
In the last reported quarter, AngloGold Ashanti's earnings per share (EPS) of $2.52 beat estimates by 14%, but revenue of $3.15 billion missed the consensus estimate of $3.34 billion due to flat gold production and higher costs.