Gold miner Newmont’s quarterly profit beats estimates as bullion rallies

(Reuters) -Newmont surpassed Wall Street expectations for second-quarter profit on Thursday, as the gold miner benefited from a rally in bullion prices.

The precious metal’s prices have been consistently touching record highs over the past few quarters, as uncertainty over U.S. President Donald Trump’s tariff plans and geopolitical concerns boosted gold’s safe-haven appeal.

In the second quarter, gold prices averaged at $3,220.58 per ounce, more than 12% higher than the preceding quarter and nearly 40% above levels seen a year earlier.

Newmont’s average realized price for gold was at $3,320 per ounce in the second quarter, compared with $2,347 per ounce a year ago.

Its gold output fell to 1.48 million ounces during the reported period, from 1.61 million ounces a year earlier.

On an adjusted basis, the world’s top gold miner posted a profit of $1.43 per share for the three months ended June 30, compared with analysts’ average estimate of $1.18 per share, according to data compiled by LSEG.

(Reporting by Vallari Srivastava in Bengaluru; Editing by Devika Syamnath)