Newmont beats quarterly profit estimates on higher gold prices

By Reuters News

Oct 22 (Reuters) - Newmont NEM.N beat analysts' third-quarter profit estimates on Thursday, as the world's biggest gold miner benefited from higher prices of the metal.

Gold prices have stayed high despite a stronger dollar and inflation concerns tied to higher oil prices during the US war on Iran.

Prices of the yellow metal averaged $4,204.59 per ounce in the third quarter of 2026, up about 17.6% from a year earlier.

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Quarterly average realized price for gold was at $4.317 per ounce, compared with $3,539 per ounce a year ago.

But Newmont's quarterly gold production fell to 1.30 million ounces from 1.42 million ounces a year earlier.

On an adjusted basis, the company earned $2.20 per share for the quarter ended September 30, compared with analysts' average estimate of $2.05 per share, according to data compiled by LSEG.

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