(Reuters) – Newmont beat Wall Street estimates for first-quarter profit on Wednesday, as the world’s biggest gold miner benefited from a rally in bullion prices.
The average price of gold has been rising over the past few quarters and hit record highs in the January to March period, as concerns over U.S. President Donald Trump’s fresh tariff plans ignited fears of a global trade war, driving a rush towards the safe-haven allure of the precious metal.
Newmont’s quarterly average realized price for gold was at $2,944 per ounce, compared with $2,090 per ounce a year ago.
On an adjusted basis, the company earned $1.25 per share for the quarter ended March 31, compared with analysts’ average estimate of 90 cents per share, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Tasim Zahid and Devika Syamnath)
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