Newmont, the world’s largest gold miner, beat Wall Street estimates for third-quarter profit on Thursday as record-high gold prices helped offset a drop in its production levels.
Gold prices have repeatedly set new records this year as investors turned to the safe-haven asset amid the uncertainty triggered by US President Donald Trump’s tariff policies and escalating geopolitical tensions.
Newmont said it realized an average gold price of $3,539 per ounce in the three months ended September 30, up from $2,518 a year earlier.
The price rally helped cushion a 15% decline in gold output to 1.42 million ounces during the quarter.
The company’s production was impacted by lower ore grades and planned maintenance at its Penasquito mine in Mexico and Lihir mine in Papua New Guinea, along with the completion of mining at the Subika open pit in Ahafo South in July.
Shares of the company were down…
