July 23 (Reuters) – Newmont beat analysts’ estimate for second-quarter profit on Thursday, as higher gold prices helped counter lower production at the world’s biggest gold miner.
Gold has rallied on steady safe-haven demand and hopes of U.S. interest rate cuts, although a stronger dollar and inflation fears fueled by oil price volatility amid the Iran war have occasionally limited gains. A higher gold price environment typically boosts miners’ revenue and margins.
Prices of the yellow metal averaged $4,506.41 per ounce in the second quarter of 2026, up about 37% from a year earlier.
Newmont’s quarterly average realized price for gold was at $4,414 per ounce, compared with $3,320 per ounce a year ago.
Quarterly gold production, however, was at 1.29 million ounces, down from 1.48 million ounces a year earlier. Its shares fell 1% in extended trading.
On an adjusted basis, the company earned $2.10 per share for the quarter ended June 30, compared with analysts’ average estimate of $1.99, according to data compiled by LSEG.
(Reporting by Varun Sahay in Bengaluru; Editing by Shilpi Majumdar)
