Gold prices gained 9.9% during the October-December quarter, the best since mid-2020. They have continued their upward trend this year as cooling US inflation raised hopes for slower interest rate hikes from the Federal Reserve.
Lower interest rates tend to boost bullion, decreasing the opportunity cost of holding the non-yielding asset.
Barrick said in October that access to high-grade ore, which essentially contains more gold, at its Nevada mines would drive the company to a “strong finish” in the fourth quarter.
The miner had previously expected high-grade ore in late third quarter.
Carlin and Cortez mines are part of Nevada Gold Mines, a joint venture between Barrick and Newmont Corp. Tongon mine in Ivory Coast also reported higher output.
Barrick on Tuesday reported total preliminary gold output of 1.1 million ounces in the quarter ended Dec. 31, up from 988,000 ounces.
The company said it expects all-in sustaining costs…
