The world's biggest gold miner posted adjusted earnings above Wall Street expectations after a sharp rise in realized gold prices helped counter a year-over-year drop in output.
Newmont beat analysts' estimates for second-quarter profit as higher gold prices helped offset lower production at the world's biggest gold miner. On an adjusted basis, the company earned $2.10 per share for the quarter ended June 30, topping analysts' average estimate of $1.99, according to LSEG. Newmont's average realized gold price rose to $4,414 per ounce from $3,320 a year earlier, while quarterly gold production fell to 1.29 million ounces from 1.48 million ounces. Gold prices have been supported by safe-haven demand and hopes for U.S. interest rate cuts, though a stronger dollar and inflation concerns tied to oil price volatility during the Iran war have at times limited gains. Shares fell 1% in extended trading.