(Reuters) -Newmont surpassed Wall Street expectations for third-quarter profit on Thursday, as the world’s top gold miner benefited from a rally in bullion prices.
Bullion prices, notoriously sensitive to uncertainty, have been on the rise over the past few quarters.
Spot gold prices have consistently touched record highs as uncertainty over U.S. President Donald Trump’s tariff plans and geopolitical concerns raised the precious metal’s safe-haven appeal.
Gold prices averaged at $3,574.95 per ounce in the three months ended September 30, more than 43% above levels seen a year earlier.
Newmont’s quarterly gold output fell to 1.42 million ounces, compared with 1.67 million ounces a year ago.
The average realized price for gold was $3,539 per ounce in the third quarter, compared with $2,518 per ounce a year earlier.
The gold miner posted quarterly profit of $1.71 per share on an adjusted basis, beating analysts’ average estimate of $1.43, according to data compiled by LSEG.
(Reporting by Sumit Saha in Bengaluru; Editing by Shreya Biswas)
